Pillar 2 ORSA


Pillar 2 includes the supervisory review process, systems of governance and risk management. Also under Pillar 2, each insurance company is required to carry out an Own Risk and Solvency Assessment (ORSA). The ORSA requires each insurer to identify the risks to which it is exposed, including those not covered under Pillar 1, to identify the risk management processes and controls in place, and to quantify its ongoing ability to continue to meet the MCR and SCR.[1]https://www.actuaries.org.uk/system/files/field/document/IandF_SA2_SolvencyII_2016.pdf

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