Use of ORSA by the Regulator: Considerations for Actuaries

March 15, 2016
12:00-1:00 p.m. EDT

This regulator-only webinar provided regulatory actuaries who are reviewing Own Risk and Solvency Assessment (ORSA) reports with background information regarding the enterprise risk management (ERM) process and what information might be included in an ORSA report. It drew from the in-depth analysis provided by the public policy overview, ORSA and the Regulator, which was released by the Academy’s ERM/ORSA Committee in February 2016.

Because the ORSA reporting process is new in the United States, the webinar focused on the general information that will be helpful in the first several years of reviews. The ORSA report provides valuable information to regulators, allowing for the assessment of a spectrum of insurer practices related to managing risk and where individual insurers fall in that spectrum of practices. The presenters highlighted the impact that an ORSA report holds, as a comprehensive summary of an overall ERM process that regulators have had to historically obtain through a review of multiple documents and conversations with the insurer.

The ORSA process is an excellent tool for regulators to obtain a comprehensive understanding of the insurer’s risks and risk mitigation approaches and should lead to a more open and regular dialogue regarding risk. Thus, this webinar focused on including examples of key ORSA content covering life, health, and property and casualty areas, in order to better equip regulatory actuaries with the knowledge and background information they need in reviewing reports.

Use of ORSA by the Regulator: Considerations for Actuaries
March 15, 2016
12:00-1:00 p.m. EDT


  • Seong-Min Eom, MAAA, FSA; Member, ERM/ORSA Committee
  • Aaron Halpert, MAAA, ACAS; Member, ERM/ORSA Committee
  • Malgorzata Jankowiak-Roslanowska MAAA, ASA, PRM; Member, ERM/ORSA Committee
  • Tricia Matson, MAAA, FSA; Chairperson, ERM/ORSA Committee
Seong-Min Eom
Member, ERM/ORSA Committee
Seong-min is a manager in the actuarial consulting services of KPMG. She has more than 15 years of insurance industry experience as an actuary, mostly concentrated in the area of enterprise risk management. Seong-min's responsibilities include managing and leading the operational risk management projects, validating hedging programs of her client insurance companies, reviewing the overall risk management process, suggesting improvements to the internal risk control processes, and assisting with the financial statement audit. Seong-min holds a Bachelor of Science degree in Statistics from Seoul National University in Seoul, Republic of Korea. Seong-min is a member of the Academy's Enterprise Risk Management Committee and Volunteer Resource Committee.

Aaron Halpert, MAAA, ACAS
Member, ERM/ORSA Committee

Aaron is an independent consulting actuary after recently retiring from KPMG. He joined the firm in 1984, and was a principal in KPMG’s U.S. Property/Casualty Actuarial Services practice. During his tenure with the firm, Aaron chaired KPMG’s Global Actuarial Group. Aaron has had extensive experience in all segments of property casualty actuarial work including loss reserving, ratemaking, design of statistical and management reports, financial modeling, and risk management. Aaron serves as Co-Chair of Casualty Actuarial Society (CAS) Innovation Council, serves on the American Academy ERM/ORSA Committee, and chairs the CAS Leadership Development Committee.

Malgorzata Jankowiak-Roslanowska, MAAA, ASA, PRM
Member, ERM/ORSA Committee
Malgorzata is a senior manager at Horizon BlueCross BlueShield of New Jersey with over 15 years of industry experience. Prior to joining Horizon she worked for regional health insurance carriers in Nebraska and Idaho. Malgorzata’s experience in healthcare insurance includes pricing, reserving and forecasting for multiple lines of business, financial, predictive and risk modelling, as well as enterprise risk management. She holds Master degrees in Applied Mathematics and Biostatistics from universities in Poland and Belgium.

Tricia Matson
Chairperson, ERM/ORSA Committee

Patricia Matson is a partner with Risk & Regulatory Consulting LLC (RRC). In this role, Tricia coordinates, manages, and leads a team providing all aspects of individual and group life and health insurance actuarial consulting. Tricia holds a Bachelor of Science degree in Mathematics from the University of Connecticut, where she graduated Magna Cum Laude.

Tricia has spent over 20 years in the insurance industry in a diverse range of roles. Before joining RRC, Tricia was Vice President of Enterprise Risk Management at MassMutual Financial Group. In this role, Tricia was responsible for leading the design, build, and implementation of enterprise-wide economic value and economic capital framework and was involved in the development of MassMutual’s Own Risk and Solvency Assessment (ORSA report). Before that she was a principal at Deloitte Consulting, LLP, where she was the lead on client engagements involving large scale risk management and finance transformations, implementation and review of internal capital models, and compliance with evolving regulatory requirements such as Solvency II, MCEV, USGAAP, VACARVM and IFRS. Prior to that, as a senior manager at Arthur Andersen, LLP, she worked on projects involving financial reporting, health insurance reserving and pricing, life settlements, and served as lead for the firm’s demutualization and retiree health benefit valuation practices.

Tricia participates in various industry committees, including serving as chair of the Academy's ERM Committee and ORSA Subgroup, and serves on several other Academy committees related to financial reporting, risk-based capital, and risk management.

Tricia is a frequent author and speaker on financial reporting and risk management topics, including co-authoring several Academy practice notes and a white paper on ERM.

The American Academy of Actuaries believes in good faith that your attendance at the webinar "Use of ORSA by the Regulator: Considerations for Actuaries" may constitute relevant continuing education as defined under the current Qualifications Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States depending upon your area of practice. Under the U.S. Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.