In the wake of the financial crisis of 2008/2009, insurance regulators developed enterprise risk management (ERM) reporting and own risk and solvency assessment (ORSA) as regulatory tools to ensure that insurance organizations were appropriately addressing all varieties of risk inherent in their operations. In light of the COVID-19 pandemic, we anticipate that U.S. insurance regulators will use these mechanisms and others to evaluate each insurer’s management of the pandemic’s effect on operations and overall capital adequacy. Join us as we explore the compliance, reporting, operational and governance issues created by the COVID-19 pandemic as it affects the insurance industry.
This webinar will touch on how insurers should address the unique (and largely unprecedented) risks posed by the current environment, within the general framework of ERM and ORSA compliance. Specifically, we will cover:
- the unique COVID-19-related risks to which insurance enterprises are subject;
- how insurance regulators are likely to use existing regulatory tools, like ERM and ORSA, to ensure that senior management and boards are appropriately evaluating and addressing the direct and indirect risks created by the current pandemic:
- the extent to which Form F – Enterprise Risk and ORSA reporting may focus regulatory attention on the financial and compliance effects of current market conditions; and
- the utility of the ORSA framework as a mechanism for evaluating enterprise-wide risk and capital adequacy in light of COVID-19.
Ellen M. Dunn, Co-Leader of Insurance Litigation Practice
Michael P. Goldman, Co-Leader of Insurance and Financial Services Practice
Andrew R. Holland, Leader of U.S. Insurance Regulatory Practice
For more information or questions, please contact firstname.lastname@example.org.