On 7 November 2011, EIOPA released a public consultation paper on the proposal for guidelines on Own Risk and Solvency Assessment (ORSA), the first public consultation on the draft Solvency II Level 3 text.

This paper expands the guidance set out in Article 45 of the Level 1 Directive to provide guidance on what companies should do to ensure that the outcome of the Own Risk and Solvency Assessment (ORSA) is acceptable.

This update includes a summary of the content of this paper and a brief analysis of what we expect this document to mean for companies.