Presentation is loading. Please wait.

Presentation is loading. Please wait.

Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation - 1 - Stephen J. Johnson, CPA, Deputy Insurance Commissioner.

Similar presentations


Presentation on theme: "Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation - 1 - Stephen J. Johnson, CPA, Deputy Insurance Commissioner."— Presentation transcript:

1 Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation Stephen J. Johnson, CPA, Deputy Insurance Commissioner Enterprise Risk Management-From a Company, Regulatory and Rating Agency Perspective PAMIC Financial Seminar

2 Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation Stephen J. Johnson, CPA, Deputy Insurance Commissioner A Regulatory Prospective of Enterprise Risk Management (ERM) How can you not have some form of ERM if you are an insurance company ERM is scalable Great companies will have great Corporate Governance and ERM Frameworks. The others will be left behind.

3 Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation Stephen J. Johnson, CPA, Deputy Insurance Commissioner Have you read the NAIC’s ORSA Manual—Why Not?? Have you read the ORSA Pilot Project Observations Memo—Why Not?? It is all about the concepts Can I manage my organization better

4 Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation Stephen J. Johnson, CPA, Deputy Insurance Commissioner What are the Regulatory Expectations in ERM Our Risk-Focus approach to Financial Examinations Review your processes and/or framework to manage and mitigate risk Will make management letter comments if we see opportunities for improvement File with the Department your ERM filing with any of the rating agencies (voluntary) Helps us understand what you have in place Used by examiners in planning process

5 Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation Stephen J. Johnson, CPA, Deputy Insurance Commissioner Form F (Enterprise Risk Report)-Filed if your organization comes under the Holding Company Act First ones filed in 2014 Most were poorly done The questions need to be answered as if you are having a conversation with the regulator ORSA filings Begins in 2015 Only for the big boys

6 Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation Stephen J. Johnson, CPA, Deputy Insurance Commissioner Annual Corporate Governance Disclosure Anticipate to be on-line in 2016 All companies will need to file Asking companies who is responsible for ERM in their organization

7 Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation Stephen J. Johnson, CPA, Deputy Insurance Commissioner What should a company consider Start by identifying all risk of your organization and its operations Need to spend time on this endeavor Commitment from Board Joe Morris Presentation from the Mid-Atlantic Mutual Advantage Convention (on PAMIC’s website)


Download ppt "Insurance Regulatory Update September 30, 2014 Office of Corporate and Financial Regulation - 1 - Stephen J. Johnson, CPA, Deputy Insurance Commissioner."

Similar presentations


Ads by Google