Own Risk and Solvency Assessment (ORSA) - NAIC Model Act vs IAIS Insurance Core Principles (ICPs)
What is the difference between Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs)?
Own Risk and Solvency Assessment (ORSA) - NAIC Model Act is a risk management framework applying in the United States (NAIC), with 4 controls across 4 domains. IAIS Insurance Core Principles (ICPs) is a risk management framework applying in International (IAIS), with 47 controls across 22 domains. Both govern the same subject, so their requirements overlap; the mapping below shows which controls carry across and which are asked for by only one of them.
Own Risk and Solvency Assessment (ORSA) - NAIC Model Act4 controls
IAIS Insurance Core Principles (ICPs)47 controls
Questions people ask about Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs)
What is the difference between Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs)?
Own Risk and Solvency Assessment (ORSA) - NAIC Model Act has 4 controls while IAIS Insurance Core Principles (ICPs) has 47 controls. Both frameworks address compliance requirements but differ in scope, focus, and applicability. Use our platform to explore the exact control-to-control mappings.
Do I need both Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs)?
Whether you need both depends on your industry, regulatory requirements, and customer expectations. Many organizations implement multiple frameworks simultaneously. Our compliance platform helps you map controls between Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs) so you can identify shared requirements and avoid duplicate effort.
How do Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs) controls map to each other?
Our platform maps controls between Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs) at a granular level. Each mapping shows whether controls are fully aligned, partially aligned, or represent gaps. This helps you prioritize implementation when pursuing both frameworks.
Which framework should I implement first, Own Risk and Solvency Assessment (ORSA) - NAIC Model Act or IAIS Insurance Core Principles (ICPs)?
The best starting point depends on your specific regulatory requirements, industry, and customer demands. Consider which framework is most urgently required by your stakeholders or regulators. Use our free compliance platform to run a gap analysis and determine the optimal implementation sequence.
Each framework on its own
Comparisons people read next
Each of these compares one of the two standards above against another it shares controls with.
Own Risk and Solvency Assessment (ORSA) - NAIC Model Act vs South Korea PIPA2 shared controlsOwn Risk and Solvency Assessment (ORSA) - NAIC Model Act vs Vermont Artificial Intelligence and Consumer Data Act (AICDA)2 shared controlsOwn Risk and Solvency Assessment (ORSA) - NAIC Model Act vs US Gramm-Leach-Bliley Act (GLBA) - Higher Education Safeguards Rule2 shared controlsIAIS Insurance Core Principles (ICPs) vs MTCS (Singapore)5 shared controlsIAIS Insurance Core Principles (ICPs) vs South Korea ISMS-P5 shared controlsIAIS Insurance Core Principles (ICPs) vs NIST SP 800-82 Revision 3: Guide to Industrial Control Systems (ICS) Security4 shared controls
See all control mappings with interactive gap analysis
Explore the complete mapping between Own Risk and Solvency Assessment (ORSA) - NAIC Model Act and IAIS Insurance Core Principles (ICPs) on our compliance platform.
Written and maintained by Gerard Blokdyk, The Art of Service.