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Insurance Regulatory Basics

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Solvency II

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A European Union directive that codifies and harmonizes the EU insurance regulation, primarily concerned with the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.

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Admitted Assets

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Assets that are accepted by state insurance laws for the purpose of valuing an insurance company's financial stability, often determining an insurer’s solvency.

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Risk-Based Capital (RBC)

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The amount of capital that an insurance company is required to hold to cover the risks of its business operations, as dictated by regulatory agencies, to ensure the company can withstand adverse conditions.

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National Association of Insurance Commissioners (NAIC)

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A U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.

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Own Risk and Solvency Assessment (ORSA)

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A process that an insurer employs to assess the adequacy of its risk management framework and determines the capital required to support those risks.

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Insurance Premium Tax (IPT)

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A tax that is imposed on insurance premiums in many jurisdictions, which is collected by insurers and remitted to the taxation authority.

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Unearned Premium Reserve (UPR)

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This reserve represents the portion of earned premiums which corresponds to the remaining period of risk not yet expired on policies that are in force.

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Loss Reserve

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An estimate of an insurer's liability from future claim payments or settlements due to losses that have occurred but are not yet reported or fully settled.

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Insurance Guaranty Association

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An organization that protects policyholders, insureds, beneficiaries, and claimants in the event of an insurance company’s insolvency, by guaranteeing that claims will still be paid up to the limits defined by law.

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Excess and Surplus Lines Insurance

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Insurance coverage that is provided by insurers which are not licensed in the states where the risk is located, typically for risks that the standard insurance market is unwilling or unable to insure.

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