PINS 2.4.3 ORSA report

(1) After an insurer conducts its ORSA, it must prepare a report that includes a statement that the governing body of the insurer participated in the assessment and approved the report.
(2) An insurer must prepare a revised ORSA report if there is a change to its risk management strategy, strategic plan or business plan and the change results, or there are reasonable grounds to believe that the change will result, in a material change in the capital adequacy or solvency of the insurer.
Note If an insurer becomes aware, or has reasonable grounds to believe, that an action would result in a material change in the capital adequacy or solvency of the insurer, it must tell the Regulatory Authority about the matter immediately (see GENE, r 4.1.3).
Inserted by QFCRA RM/2013-1 (as from 1st January 2015).