A Brief History of the Society of Actuaries in Ireland

The Society of Actuaries in Ireland was founded at a meeting in the Russell Hotel, St. Stephen's Green, Dublin on Wednesday, 3rd May 1972. At that time there were seventeen actuaries, all Fellows of the Institute of Actuaries or of the Faculty of Actuaries, resident in Ireland.

The aim of the Society when it was founded was to provide a forum for actuaries in Ireland to discuss matters of professional interest and to promote the actuarial profession in Ireland. As the profession grew in size, the scope of the Society's activities widened considerably. In response to this, the Society was formally incorporated in 1988.

In 1993, the Society took over full responsibility for the professional conduct of actuaries in Ireland. It then issued its Memorandum on Professional Conduct and Practice, the Rules of its Disciplinary Scheme and Actuarial Standards of Practice covering a wide range of areas. The Memorandum on Professional Conduct and Practice was subsequently replaced by the Professional Conduct Standards and later the Code of Professional Conduct. For more information please see "Standards & Regulation".

The role of the Society in the regulation of the actuarial profession in Ireland has received formal recognition from Government. The Minister for Jobs,  Enterprise and Innovation, in the capacity as the supervisor of the insurance industry in Ireland, has fully recognised the role and responsibility of the Society within the Irish insurance industry by requiring that the duties required to be carried out by an actuary under the Insurance Acts and Regulations and under the European Communities (Insurance Undertakings: Accounts) Regulations, 1996 must be carried out by a Fellow of the Society. The Society is also recognised by the Minister for Social Protection as representing the actuarial profession in Ireland for the purposes of the Pensions Act, 1990.

An agreement between the member associations of the Actuarial Association of Europe (an organisation that comprises of actuarial associations throughout Europe) was signed by the Society in 1987. This extends mutual recognition to each other's actuarial qualifications, and EU actuaries who wish to pursue an actuarial profession in Ireland can, under the terms of the agreement, apply for admission as a Fellow of the Society. In 2000 the Society also signed mutual recognition agreements with the Institute of Actuaries of Australia , the Canadian Institute of Actuaries and the Society of Actuaries. For more information please see "Kindred Actuarial Organisations".

Today, the Society has grown to over 800 Fellows resident in Ireland. In addition, there are approximately 130 Fellows who are non-resident but have business connections in Ireland. The Society has approximately 35 Associates and 30 Affiliates, as well as 8 Honorary Fellows. There are more than 600 Students in the Society.

If you would like a more detailed history of the Society, contact us at info@actuaries.ie.