ORSA stands for the ‘Own Risk and Solvency Assessment’ which is a process required by the Solvency II Directive. Insurers must perform an assessment of their risks, overall solvency needs and forward looking compliance with the quantitative requirements of the Directive.

The adoption of the third model standard represents another important step forward in the development of the actuarial profession in Europe. ESAP3 is a model standard intended to be suitable for adoption or adaptation by Full Member Associations of the AAE, and other actuarial standard-setting organizations who wish to adopt it. It is the AAE’s intent that, by publishing model standards, it will encourage the creation and convergence of national actuarial standards in Europe. 

The intention of a standard of actuarial practice is to promote a greater consistency of approach to actuarial practice in a given situation, so as to increase the confidence of clients and the public in the actuarial work product, but without unnecessarily constraining the exercise of actuarial judgement or creativity. 

ESAP3 is available on the AAE website and under this link.

- End of press release -

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