SAI Healthcare paper finds growth in ‘Average Private Health Insurance Premiums’ Expected to Continue to be in Excess of Economic Growth
10th November 2016 | Healthcare, Press Release
The growth in ‘Average Private Health Insurance Premiums’ in Ireland has consistently outstripped economic growth over time and is expected to continue to be in excess of economic growth in the future. This is one of the conclusions in an analysis published today (Nov 10, 2016 ) by the Society. Read the full paper here. The press release is available here.
Central Bank publishes Guidance on Head of Actuarial Function Role
28th October 2016 | Cross-Practice
The Central Bank has today published Guidance for (Re)Insurance Undertakings on the Head of Actuarial Function Role. A Feedback Statement on the Central Bank’s consultation on an earlier draft has also been published, along with copies of the submissions made by the Society and other entities.
AAE and IAA in Joint Discussion Forum with ILO and ISSA in Geneva
19th October 2016 | Cross-Practice, International News
For the last 6 years, the Actuarial Association of Europe (AAE) and the International Actuarial Association (IAA) have organized a discussion forum together with two important international bodies - the International Labour Organization (ILO), and the International Social Security Association (ISSA). The purpose of this forum is to exchange views on current projects and issues, and to seek further areas of collaboration - all to help improve the soundness of decisions being made on societal issues having a global impact.
Pensions Authority publishes final two codes in the series of Codes of Governance for Defined Contribution (DC) Schemes
12th October 2016 | Pensions
The Pensions Authority has today published the final two codes in the series of Codes of Governance for Defined Contribution (DC) Schemes. The codes of governance set out the standards that trustees will be expected to adopt to demonstrate their commitment to serving the best interests of members and beneficiaries. The latest codes relate to:
Packaged retail investment products: European Parliament returns draft law to Commission
19th September 2016 | Cross-Practice
Draft legislation designed to protect retail investors was rejected by MEPs on Wednesday as so “flawed and misleading” that it could actually lose them money. Unusually, it will be returned to the EU Commission for revision. MEPs passed a resolution calling for changes .to legislation on “packaged retail and insurance-based investment products” (PRIIPs) -- a market worth up to €10 trillion in Europe - by 602 votes to 4, with 12 abstentions. Retail investors typically use PRIIPs to generate funds to pay a mortgage or for their children’s education.
SAI presents to the Oireachtas Committee on the rising costs of motor insurance
14th September 2016 | General Insurance, Press Release
The Society of Actuaries in Ireland has told the ‘Oireachtas Committee on Finance, Public Expenditure & Reform, and Taoiseach’ that evidence-based research is vital to underpin informed policy-making on the costs of motor insurance. The full Press Release, including speaking notes, is available here.
European Parliament’s ECON Committee reject PRIIPs RTS
6th September 2016 | Cross-Practice, Life Assurance
Parliament’s Economic and Monetary Committee rejected as “misleading” and flawed, proposals aimed at providing greater protection to consumers buying packaged financial products, and unanimously voted to send the proposals back to the European Commission.
The Future of the State Pension
11th May 2016 | Cross-Practice, Press Release
‘The Future of the State Pension’ was the theme of a major conference hosted today by the Society of Actuaries in Ireland. The conference follows the publication last year of a research report by Milliman on the financial sustainability of the state pension in Ireland. The Society of Actuaries in Ireland and PublicPolicy.ie commissioned this research with a view to stimulating constructive debate on this subject.
EIOPA recommends to enhance risk assessment and transparency of pension funds
14th April 2016 | Cross-Practice, International News
Today the European Insurance and Occupational Pensions Authority (EIOPA) published its Opinion on a Common Framework for Risk Assessment and Transparency for Institutions for Occupational Retirement Provision (IORPs). The Opinion concludes a cycle of almost three years of EIOPA's own-initiative work and is addressed to the EU co-legislators (European Parliament and Council) and the European Commission.
EIOPA publishes Preparatory Guidelines on Product Oversight and Governance
14th April 2016 | Cross-Practice, International News
The European Insurance and Occupational Pensions Authority (EIOPA) has published Preparatory Guidelines on Product Oversight and Governance (POG) arrangements to be followed by insurers (manufacturers of insurance products) and distributors. These Guidelines provide early guidance and support national authorities and market participants with the implementation of POG requirements in preparation for formal requirements provided for in the Insurance Distribution Directive (IDD).
ESAs finalise Key Information Documents for retail investors in the EU
8th April 2016 | International News, Life Assurance
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs) has finalised its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs).
EIOPA macroprudential approach to the low interest rate environment in Solvency II
23rd March 2016 | General Insurance, Life Assurance, Life Reinsurance, Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published today a potential macroprudential approach to the low interest rate environment in the Solvency II context.The aim of this publication is to contribute to the discussion on the possible need to develop a macroprudential framework in the insurance sector to promote financial stability in a Solvency II environment. The following three objectives to be targeted by supervisory authorities in the current low interest rate environment are addressed:
Congratulations to Tony O’Riordan, FSAI, on his appointment to EIOPA’s Stakeholder Group
7th March 2016 |
The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA), following an open selection process, appointed new members of the Insurance & Reinsurance (IRSG) and Occupational Pensions (OPSG) Stakeholder Groups. Tony O’Riordan, a Fellow of the Society, was one of the appointed candidates.
IAA Releases Paper on Actuarial Aspects of ERM for Insurance Companies
25th January 2016 | Cross-Practice, International, International News
The International Actuarial Association (IAA) has announced the publication of a paper on Actuarial Aspects of ERM for Insurance Companies by the Enterprise and Financial Risk Committee (EFRC).
Society publishes press release on Solvency II
4th January 2016 | Press Release
The Society today issued a press release welcoming the coming into force of Solvency II from 1st January 2016. The Press Release is available here and the Society’s Briefing Statement on Solvency II and the CP92 Requirements is available here.
Society publishes research report on the Financial Sustainability of the State Pension in Ireland
17th December 2015 | Pensions, Press Release
The Society of Actuaries in Ireland has published a research report on the Financial Sustainability of the State Pension in Ireland. The report, produced by Milliman, was commissioned by the Society and PublicPolicy.ie, with a view to informing debate and public policy decisions. Key findings:
OECD publishes Pensions at a Glance 2015
8th December 2015 | International, Pensions
The OECD has published Pensions at a Glance 2015. The paper highlights the pension reforms undertaken by OECD and G20 countries over the last two years. It provides an in depth review of the first layer of protection of the elderly, first-tier pension schemes across countries and assesses the impact of short or interrupted careers, due to late entry into employment, childcare or unemployment, on pension entitlements. The paper also analyses the sensitivity of long-term pension replacement rates to parametric changes.
The Pensions Authority publishes synopsis of responses w.r.t. its consultation on draft codes of governance for DC schemes
16th October 2015 | Pensions
On the 6th of October, the Pensions Authority published a synopsis of the main points made in submissions it received in response to its consultation paper on draft codes of governance for defined contribution schemes.
Central Bank publishes feedback statement on Consultation Paper 92
6th October 2015 | General Insurance, Life Assurance, Life Reinsurance, Solvency II
The Central Bank of Ireland has published a feedback statement on Consultation Paper 92 Domestic Actuarial Regime and related Governance Requirements under Solvency II. The consultation period closed on 29 May 2015.
Address by Deputy Governor, Cyril Roux, to the Society of Actuaries in Ireland Risk Management Conference
2nd October 2015 | Cross-Practice
On the 30th September Deputy Governor of the Central Bank of Ireland, Cyril Roux, provided the keynote address on Cyber Risk at the Society’s annual “Risk Management Perspectives” Conference. Stating that cybersecurity and cyber risk is rapidly moving up the Central Bank’s supervisory agenda, the Deputy Governor spoke on the following topics as part of his address:
Actuarial Association of Europe (AAE) appoints Philip Shier as new Chairperson
29th September 2015 | Cross-Practice, International, International News
The Actuarial Association of Europe (AAE) has appointed Philip Shier as its new Chairperson. Philip Shier is a member of the Society of Actuaries in Ireland and a Past President of the Society. The Society congratulates Philip on his appointment. AAE Press Release is here.
EIOPA issues the second set of its Solvency II Guidelines in the official EU languages
14th September 2015 | Cross-Practice, Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has issued the second set of its Solvency II Guidelines in the official languages of the European Union. The Guidelines cover different areas from all the three Solvency II pillars (quantitative requirements; governance requirements; reporting and disclosure).
EIOPA launches selection procedure for its Stakeholder Group members
8th September 2015 | International, International News
The European Insurance and Occupational Pensions Authorities (EIOPA) has launched the Call for Expression of Interest regarding the setting up of EIOPA Stakeholder Groups, the Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational Pensions Stakeholder Group (OPSG), following the expiration of their mandates early next year.
The Pensions Authority issues Consultation on trustee qualifications
8th September 2015 | Pensions
In 2013, the Pensions Authority commenced the DC consultation process that set out the Authority’s views on the future of DC provision and sought responses to specific questions including minimum standards for trustee knowledge, understanding and behaviour.
EIOPA highlights measures to facilitate the transfer of pension rights
21st July 2015 | International, International News, Pensions, Social Policy
The European Insurance and Occupational Pensions Authority (EIOPA) has published a Good Practices Report on transferability of supplementary pension rights. With this Report, EIOPA identifies the main impediments to cross-border and national transfers as well as a number of good practices to overcome these. This would create more transparency in the interest of consumers and facilitate the internal market for supplementary pension rights. EIOPA outlines three key areas which – if addressed – could significantly facilitate the transferability of supplementary pension rights:
EIOPA calls for high quality public disclosure under Solvency II
21st July 2015 | International, International News, Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has published a Note entitled “Need for high quality public disclosure: Solvency II’s report on solvency and financial condition and the potential role of external audit”. The purpose of this Note is to stress the importance of high quality public information and the relevant use of external audit services in relation to Solvency II public disclosures.
EIOPA publishes 2015 Market Development Report on occupational pensions and cross-border IORPs
21st July 2015 | Cross-Practice
The European Insurance and Occupational Pensions Authority (EIOPA) has published its ninth report on market developments with regard to occupational pensions and cross-border activities of institutions for occupational retirement provisions (IORPs). The report provides a comprehensive overview of the European occupational pensions landscape for the period of June 2014 - June 2015. The results of the report show that during the reporting period the number of active cross-border IORPs rose from 75 to 76.
Annuity Conversion Rates in Retirement Fund Product Illustrations: Mortality Bases Review
16th July 2015 | Demography, Pensions, Demography Studies
The Demography Committee has prepared a report and recommendations following a review of the mortality assumptions used in converting a retirement fund into an annuity as prescribed in the following Actuarial Standards of Practice:
EIOPA publishes Set 2 of Solvency II Technical Standards and Guidelines
7th July 2015 | International, International News, Solvency II
EIOPA has published the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The set covers different areas from all three Solvency II pillars (quantitative basis; qualitative requirements; reporting and disclosure). The ITS and Guidelines were finalised following the public consultation earlier this year, during which EIOPA received over 4500 comments. With this publication EIOPA takes a further step towards ensuring the timely implementation of Solvency II.
International Actuarial Association (IAA) Mortality Working Group Update
3rd July 2015 | Demography, International, International News
The Mortality Working Group (MWG) exists to study mortality and monitor studies completed by other organizations worldwide, to make this information available to actuaries and others worldwide, and to contribute to and organize other opportunities for communication where appropriate.
SAI responds to Pension Authority’s Consultation on Codes of Governance for DC schemes
19th June 2015 | Pensions, Submission
The DC consultation process conducted by the Pensions Authority in late 2013 set out the Authority’s views on the future of DC provision and sought responses to specific questions raised. In relation to pension scheme governance the Authority indicated that it would publish a code of governance that would provide trustees with a central reference point for the key areas of a DC scheme.
SAI responds to CBI Consultation on the Domestic Actuarial Regime under Solvency II
29th May 2015 | Cross-Practice, Submission
The Society has responded to the Central Bank of Ireland’s Consultation Paper 92: “Consultation on Domestic Actuarial Regime and Related Governance Requirements under Solvency II”. The response includes the following comments:
IAA Releases Paper on Own Risk & Solvency Assessment (ORSA)
29th May 2015 | ERM: Non-Life, General Insurance, Life Assurance, Life Reinsurance, Solvency II
The International Actuarial Association (IAA) is pleased to announce the publication of the paper “Deriving Value from ORSA - Board Perspective” developed by the Joint ORSA Subcommittee of the IAA’s Insurance Regulation and Enterprise and Financial Risk Committees.
Minister Fitzgerald publishes heads of bill to provide for Periodic Payment Orders
28th May 2015 | General Insurance
The Minister for Justice and Equality, Frances Fitzgerald TD, has published the heads and general scheme of the Civil Liability (Amendment) Bill. The bill will introduce a new model of Periodic Payment Order whereby a Court could decide that catastrophically injured people can receive the cost of future care in the form of index-linked annual payments instead of a lump sum award which is what people must rely on under the present system. A full press release is available to view here
The Pensions Authority publishes financial management guidelines for defined benefit schemes
25th May 2015 | Pensions
On 22nd May 2015, the Pensions Authority published financial management guidelines for defined benefit schemes.The guidelines set out what the Authority sees as good practice for trustees to follow in order to understand and manage the funding and investment of their defined benefit schemeThe provisions are divided into four parts: 1. Data about the scheme that the trustees should have available to them 2. Governance practices relevant to financial management 3. Processes that the trustees should follow 4. Analysis that the trustees should undertake
SAI responds to Universal Retirement Savings Group Consultation
22nd May 2015 | Pensions, Submission
In April 2015, the Universal Retirement Savings Group (URSG) initiated consultation with stakeholders on developing a roadmap and timeline for the introduction of a new, universal, supplementary workplace retirement saving scheme. The Society welcomes the opportunity to submit a response to the URSG consultation on the potential parameters of a universal retirement savings system.
AAE publishes paper on the application of market consistency to pension funds in Europe
20th May 2015 | International, International News
The Actuarial Association of Europe (“AAE”) has today published its discussion paper “Clarity before Solvency” on the application of market consistency to pension funds in Europe. The purpose of this paper is to discuss from an independent, actuarial, point of view:
The Pensions Authority issues Consultation on Codes of Governance for DC Schemes
1st May 2015 | Pensions
The DC consultation process conducted by the Pensions Authority in late 2013 set out the Authority’s views on the future of DC provision and sought responses to specific questions raised. In relation to pension scheme governance the Authority indicated that it would publish a code of governance that would provide trustees with a central reference point for the key areas of a DC scheme.
Society publishes sample risk register and sample risk overview statement for Pension Schemes
7th April 2015 | Pensions, Briefing Statement
The Society of Actuaries in Ireland has published a sample risk register and sample risk overview statement to help pension scheme trustees and sponsoring employers, with the assistance of their actuarial advisers, to identify the various risks inherent in pension schemes and to manage these risks effectively. Scheme Actuaries, in particular, are encouraged to use the sample risk register to engage with their clients on the broad spectrum of risks, from financial to operational, that pension schemes face.
SAI Newsletter - March 2015
26th March 2015 | Cross-Practice, Newsletter
Attached below is the March 2015 SAI Newsletter. Included in this edition are articles on: SAI President’s Biennial Dinner Risk Management Perspectives Conference Member Proposition SAI Golf Society Continuing Professional Development Update Question Time Fellowship Ceremonies Student News
Philip Shier elected Chair of EIOPA’s pensions stakeholder group
18th March 2015 | Cross-Practice, International News
The Society congratulates Philip Shier, Past President of the Society, on his election as chair of the European Insurance and Occupational Pensions Authority’s (EIOPA) pension stakeholder group.
AAE publishes survey on Decumulation of Retirement Benefits
13th March 2015 | International, Pensions
The AAE has carried out a survey amongst its Member Associations on the methods by which an individual can access his/her entitlement to retirement benefits. 16 AAE member organisations contributed to the survey. The survey serves two purposes. One being to inform the European Commission’s Directorate General for Employment, Social Affairs and Inclusion about the decumulation landscape in the EU and the other being to provide a directional steer on best practice and main common challenges within the various markets for retirement benefits.
AAE publishes “Report on key issues for setting up national pension tracking services in six EU countries”.
13th March 2015 | International, Pensions
The Actuarial Association of Europe (“AAE”) has published a “Report on key issues for setting up national pension tracking services in six EU countries”.
SAI ERM Committee responds to IFoA consultation on the regulation of Chief Risk Officer roles under Solvency II.
11th February 2015 | Enterprise Risk Management, Submission
The Society’s ERM Committee has responded to the Institute & Faculty of Actuaries consultation on the regulation of Chief Risk Officer roles under Solvency II. Full details of the consultation are available from http://www.actuaries.org.uk/research-and-resources/documents/consultati…- The ERM Committee submission is available here.
Society commissions research on sustainability of State Pension
5th February 2015 | Pensions, Social Policy
The Society has decided to commission an analysis of the financial sustainability of the State Pension in Ireland. In particular, the research will focus on the key levers (and associated parameters) that could be flexed when considering the sustainability of the State Pension.
Society welcomes formation of Pensions Council and Universal Retirement Savings Group
4th February 2015 | Pensions, Social Policy, Press Release
Pensions Council The Society of Actuaries in Ireland welcomes the Tánaiste’s announcement of the membership of the Pensions Council. The Council’s function is to advise the Minister for Social Protection on matters of pensions policy. Including Brendan Kennedy, Chief Executive of the Pensions Authority, the twelve-person Council includes five of the Society’s Fellow members – the others being Roma Burke, Tony Gilhawley, Sandra Rockett and Dr Shane Whelan – each of whom has a wealth of skills, knowledge and experience to offer.
EIOPA Issues Its First Solvency II Guidelines in the Official EU Languages
3rd February 2015 | Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has issued Set 1 of its Solvency II Guidelines in the official languages of the European Union. The Guidelines cover the following aspects:
SAI response to EIOPA consultation on Key Information Documents for Packaged Retail and Insurance-based Investment Products
1st February 2015 | Life Assurance, Submission
The Society has responded to the EIOPA consultation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs). Full details of the consultation are available from http://www.esma.europa.eu/system/files/jc_dp_2014_02_-_priips_discussio…. The Society’s responses is available here.
EIOPA publishes a Report on Investment options in the interest of occupational DC scheme members
30th January 2015 | Pensions
EIOPA’s latest report maps out the available choices that members of occupational DC pension schemes have in the European context regarding investment in their retirement plans. The report highlights the main issues that national supervisors strive to address in order to ensure the making of effective investment decisions (where effective investment decisions are defined as decisions made in the interest of members, working towards ensuring a sustainable level of pension income).
Society welcomes establishment of expert group on pensions
9th January 2015 | Pensions, Social Policy, Press Release
The Society has today issued a press release welcoming the Government’s decision to establish an expert group to formulate plans for a universal retirement savings scheme for private-sector workers.
SAI response to the Central Bank of Ireland’s Consultation Paper 89
1st January 2015 | General Insurance, Solvency II, Submission
The Society has responded to the Central Bank of Ireland’s (“the Central Bank”) Consultation Paper 89. This consultation paper sets out proposals in relation to reporting templates which the Central Bank deems necessary to address requirements specific to the local market and/or the nature of insurance undertakings supervised in Ireland and which are not catered for in the set of Solvency II harmonised reporting templates being developed by the European Insurance and Occupational Pensions Authority (EIOPA).
Gabriel Bernardino speech on Topical developments on pensions: an EIOPA perspective
21st November 2014 | Pensions
On the 18th of November, Gabriel Bernardino, Chairman of EIOPA, gave a speech at the 9th European Pension Funds Congress in Frankfurt. He stated that “The percentage of the EU population that is covered by decent pension systems is still too low. We are indeed facing an EU pension’s landscape in need of reforms.”
Pensions Authority publishes synopsis of responses to its financial management guidelines for defined benefit schemes
11th November 2014 | Pensions
In July 2014, the Pensions Authority issued a consultation on Financial Management Guidelines of defined benefit pension schemes. The consultation paper can be viewed here.
Philip Shier appointed Vice Chairperson of the AAE
20th October 2014 | Cross-Practice, Press Release
The Society has today issued a press release announcing the appointment of Philip Shier, a Past President of the Society, as Vice Chairperson of the Actuarial Association of Europe. The Society congratulates Philip on his appointment. The Press Release is available here.
European Commission adopts Solvency II Delegated Act
13th October 2014 | Enterprise Risk Management, ERM: Non-Life, Finance & Investment, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Non-Life: Pricing, Non-Life: Regulation, Non-Life: Reinsurance, Non-Life: Reserving, Solvency II, Solvency II, Solvency II: Non-Life
On 10th October 2014, the European Commission adopted a Delegated Act containing implementing rules for Solvency II. This will enter into force once the European Parliament and Council have both approved it, following their scrutiny, for which a maximum period of 6 months can be taken.
Response to the Pensions Authority consultation on financial management guidelines for defined benefit schemes
3rd October 2014 | Pensions, Submission
In July 2014, the Pensions Authority issued a consultation on Financial Management Guidelines of defined benefit pension schemes. The consultation paper can be viewed here.
SAI Newsletter - September 2014
30th September 2014 | Cross-Practice, Newsletter
Attached below is the September edition of the SAI Newsletter. Included in this edition are articles on: SAI Strategy Plan 2014-2017 SAI organisational chart Women Invent Tomorrow Maths Tutorials Q&A with Pat Curtin Work-Based Skills Student News
SAI Response to Department of Social Protection Consultation on IORPS II Directive
5th September 2014 | Pensions, Submission
Earlier this year, the European Commission published a proposal for an updated IORP Directive. The original IORP was published in 2003 and transposed into Irish law in September 2005. In summary, the current proposals aim to give greater protection of the pension rights of scheme members and beneficiaries.
SAI response to the Department of Justice and Equality consultation on Legislation on Periodic Payment Orders
3rd September 2014 | General Insurance, Submission
The Society has responded to the Department of Justice and Equality consultation on Legislation on Periodic Payment Orders. Details of the Society’s response are available here
Pensions Authority Public Consultation Forum on Financial Management Guidelines for defined benefit schemes
1st September 2014 | Pensions
The Pensions Authority is holding a Public Consultation Forum on Financial Management Guidelines for defined benefit schemes. The forum will be relevant to trustees, scheme members, providers, managers, advisers and other interested stakeholders.
EIOPA publishes the Underlying Assumptions in the standard formula for the SCR calculation
31st July 2014 | Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has published the Underlying Assumptions in the standard formula for the Solvency Capital Requirement (SCR) calculation. The paper aims to support supervisors and undertakings in application of the Solvency II Preparatory Guidelines on forward looking assessment of own risks (FLAOR).
EBA, ESMA and EIOPA consult on technical standards for financial conglomerates risk concentration and intra-group transactions
24th July 2014 | Cross-Practice
The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) launched a consultation on draft Regulatory Technical Standards (RTS) on risk concentration and intra-group transactions within financial conglomerates. The technical standards aim at enhancing supervisory consistency in the application of the Financial Conglomerates Directive (FICOD). The consultation runs until 24 October 2014.
Retirement Benefit Schemes Transfer Values: Mortality Basis Review
4th July 2014 | Demography, Demography Studies
The Demography Committee has prepared a report and recommendations following a review of the mortality assumptions prescribed for use in calculating retirement benefit schemes transfer values. This report has been endorsed by Council and is available on the website here. Actuarial Standard of Practice PEN-2 “Retirement Benefit Schemes transfer values” (“ASP Pen-2”) sets out the requirements relating to the calculation of individual transfer values payable under the Pensions Act 1990.
Society of Actuaries publishes response to Dept of Health Consultation on Universal Health Insurance
17th June 2014 | Healthcare, Press Release, Submission
We, the Society of Actuaries in Ireland, have today published our response to the Department of Health’s Public Consultation on the White Paper on Universal Health Insurance (UHI). We are supportive of many aspects of the White Paper, and particularly the continued commitment to developing an efficient healthcare system that will deliver quality services to patients.
SAI Newsletter - May 2014
22nd May 2014 | Cross-Practice, Newsletter
Attached below is the May 2014 Newsletter. Included in this edition are articles on: SAI Fellowhsip Ceremony February 2014 SAI Graduation Programme March 2014 Update on Pensions Committee 'Striking a balance between informing and influencing' Round-up of Society CPD Meetings CMI Mortality Projection Methods 2002-2013 Question Time CPD Calendar and Audit Student page
Central Bank publishes Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers
7th May 2014 | Life Reinsurance, Non-Life: Reinsurance
The Central Bank of Ireland has published Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers (“the Requirements”). The purpose of the Requirements is to strengthen the reserving framework for non-life insurers and non-life and life reinsurers. The Requirements set out a series of requirements in areas such as the role of Signing Actuary, internal and external audits, reserving policy and issues which should be considered by the Boards when setting the margin for uncertainty.
Minister seeks candidates for Pensions Council
2nd May 2014 | Pensions
The Minister for Social Protection is seeking expressions of interest for unpaid positions on the Pensions Council. The purpose of the Pensions Council is to provide the Minister with advice, information and assistance in relation to the development of pensions policy in Ireland. People with an interest in serving in such a capacity may apply at http://www.publicjobs.ie/publicjobs/campaignAdvert/10733.htm Closing date for applications is Friday, 23rd May.
European Commission publishes the IORP II Directive
4th April 2014 | Pensions
On 27th March, the European Commission published the IORP II Directive - a legislative proposal for new rules on occupational pension funds (IORPs). The general objective of this proposal is to facilitate the development of occupational retirement savings. The proposal aims at improving governance and transparency of these funds in Europe, promoting cross-border activity, and helping long-term investment. The proposal has four specific objectives:
Minister publishes “The Path to Universal Healthcare: White Paper on Universal Health Insurance”
2nd April 2014 | Healthcare
The Minister for Health, James Reilly, T.D. has published “The Path to Universal Healthcare: White Paper on Universal Health Insurance”. The objective of the Government’s health reform programme is to deliver a single-tier health service, supported by Universal Health Insurance (UHI), where access is based on need, not ability to pay.
EIOPA consults on Set 1 of its Implementing Technical Standards for Solvency II
1st April 2014 | Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) invites market participants and (re)insurance stakeholders to provide their feedback on the first set of draft Implementing Technical Standards (ITS) for Solvency II. With this EIOPA enters the final regulatory phase of Solvency II, during which it will present its draft ITS and Guidelines to the public until the regulation becomes applicable on 1 January 2016.
European Parliament enacts Omnibus II – Guideline
11th March 2014 | Enterprise Risk Management, ERM: Non-Life, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Non-Life: Regulation, Non-Life: Reinsurance, Non-Life: Reserving, Solvency II, Solvency II: Non-Life
The Actuarial Association of Europe issued the following press release today:
Global Capital Standards: laying down the future for global insurance supervision
5th March 2014 | Cross-Practice
Gabriel Bernardino, Chairman of EIOPA, delivered the keynote speech at the Seminar of the Actuarial Association of Europe on the need for an integrated network of supervisory authorities, close cooperation between supervisors and consistent supervisory practices. The full text of this speech is available at https://eiopa.europa.eu/press-room/speeches-presentations-and-interview….
EIOPA issues Report on single market for personal pensions
21st February 2014 | Pensions, Social Policy
At the request of the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA) has issued a Report on the prudential regulations and consumer protection measures needed to create a single market for personal pensions. EIOPA’s analysis has revealed that taxation, social law and difficulties in the area of harmonisation of contract law appear to be the most significant hurdles. EIOPA has identified two main options for creating the single market for personal pensions.
The Pensions Board Publishes DC Consultation Synopsis Paper
11th February 2014 | Pensions
The Pensions Board has published a synopsis of the main points made in submissions it received in response to its consultation paper on the future structure and regulation of defined contribution (DC) pensions. The Board received 44 written submissions in total of which 6 were from individuals and 38 were from organisations/schemes.
Actuaries propose mandatory private pension regime from 2019
10th February 2014 | Pensions, Briefing Statement, Press Release
The Society of Actuaries in Ireland is recommending to Government that a mandatory pension system should be developed over the next 5 years for all workers as the best way of increasing private pensions coverage and improving the adequacy of pensions for individuals in Ireland. The Society’s position paper is available here.
EIOPA sets up the timeline for the delivery of Solvency II Implementing Technical Standards and Guidelines
31st January 2014 | Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has set up the timeline for the delivery of the Solvency II Implementing Technical Standards (ITS) and Guidelines. The overall goal of the project is to deliver the regulatory and supervisory framework for the technical implementation of the Solvency II regime from the first day of application, 1 January 2016. It is of high importance to ensure a timely and proportionate application of Solvency II.
SAI Newsletter December 2013
17th December 2013 | Cross-Practice, Newsletter
Attached below is the December 2013 SAI Newsletter. The following articles are included: Christmas Drinks and Charity Table Quiz Results of CPD Survey Fellowship Ceremony & Maths Tutorial Intiative Round-up of Society CPD meetings Reform of Defined Benefit Legislation Solvency II Committee Interview with Conor O’Neill Gala Ball Student News
Society responds to Central Bank consultation on Reserving & Pricing Requirements
10th December 2013 | General Insurance, Life Reinsurance, Professional Affairs, Submission
The Society of Actuaries in Ireland has today responded to the Central Bank of Ireland “Consultation on Requirements for Reserving and Pricing for Non-Life Insurers and Reinsurers” (Consultation Paper CP 73). The Society supports many aspects of the proposals, such as the improved governance of the reserving process for non-life direct insurance business.
Proposed standard of practice on expert witness work
10th December 2013 | Cross-Practice, Submission
The Society of Actuaries in Ireland has responded to a consultation by the UK Institute and Faculty of Actuaries on a proposed Actuarial Profession Standard (APS) on “The Actuary as an Expert”. The proposed APS is principles-based and provides a framework to be followed by members of the Institute and Faculty when acting as an expert witness or expert advisor in legal proceedings or proceedings of a legal nature (whether in the UK or elsewhere).
Results of EIOPA Survey on Crisis Prevention, Management and Resolution Preparedness of National Supervisors
29th November 2013 | Cross-Practice
The European Insurance and Occupational Pensions Authority (EIOPA) has published results of its Survey on Crisis Prevention, Management and Resolution Preparedness of national supervisory authorities (NSAs) with regard to the insurance sector.
Government responds to call for action
20th November 2013 | Pensions, Press Release
The Minister for Social Protection, Joan Burton, has announced a package of legislative measures to address the situation where an underfunded DB pension scheme winds up or elects to restructure. The legislation is due to be published and enacted in the coming weeks.
Agreement reached between the European Parliament, Council and Commission on the Omnibus II Directive.
14th November 2013 | Solvency II
EU Council, represented by the Lithuanian Presidency, and the European Parliament have on November 13 in Brussels achieved a provisional political agreement on Omnibus II directive. Agreement on Omnibus II enables Solvency II framework finally to become operational. Solvency II is a long-expected major overhaul of the EU insurance regulatory framework and is very important for the insurance industry, supervisors and policyholders in the EU.
Central Bank publishes ‘Guidelines on preparing for Solvency II’
4th November 2013 | Solvency II
The Central Bank of Ireland has published ‘Guidelines on Preparing for Solvency II’.These guidelines reflect the EIOPA Guidelines published on 31st October 2013. The principal aim of the guidelines is to aid insurance companies in taking active steps towards implementing certain key elements of Solvency II in a consistent way. The Central Bank guidelines cover the following areas of Solvency II:
Society urges Pensions Board to develop vision for future of defined contribution pensions
31st October 2013 | Pensions, Submission
The Society of Actuaries in Ireland has responded to a Pensions Board consultation on the future of defined contribution (DC) pensions. In the response, the Society calls on the Pensions Board to develop and articulate an over-arching vision for the future of DC pensions, rather than tackle individual issues on a piecemeal basis. The Society also offers views on simplification of the regulatory framework, alternatives to the trustee model, investment matters, and engaging pension scheme members through effective communications.
SAI Newsletter October 2013
31st October 2013 | Cross-Practice, Newsletter
Attached below is the SAI Newsletter from October 2013, Included in this edition are articles on: the conferring of Honorary Fellowship on Prof Patrick Honohan SAI Presidential Address ERM Conference SAI International Committee Question time Student section
Governor Patrick Honohan elected Honorary Fellow of the Society of Actuaries in Ireland
9th October 2013 | Cross-Practice, Press Release
Governor of the Central Bank, Professor Patrick Honohan has been elected an Honorary Fellow of the Society of Actuaries in Ireland. Dermot Corry, President of the Society of Actuaries, said that Professor Honohan’s “notable achievements which formed the basis for Council’s decision to confer him with Honorary Fellowship included his role as Governor of the Central Bank where he has taken a key role in stabilising our financial institutions and rebuilding our reputation for financial services regulation.
IAIS commits to develop a Global Insurance Capital Standard by 2016
9th October 2013 | Cross-Practice
The International Association of Insurance Supervisors (IAIS) today announced its plan to develop a risk based global insurance capital standard (ICS) by 2016. Full implementation will begin in 2019 after two years of testing and refinement with supervisors and internationally active insurance groups (IAIGs).
EIOPA appoints new Stakeholder Groups
7th October 2013 | Cross-Practice
The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA), following an open selection process, has appointed the members of its Insurance & Reinsurance (IRSG) and Occupational Pensions Stakeholder Groups (OPSG). Seamus Creedon and Philip Shier, members of the Society of Actuaries in Ireland, were nominated by the Groupe Consultatif and have been appointed as members of the IRSG and the OPSG respectively.
EIOPA publishes the final Guidelines for the preparation of Solvency II
27th September 2013 | Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published today the final Guidelines for the preparation of Solvency II. The Guidelines were finalized following the public consultation earlier this year, during which EIOPA received over 4000 comments.
Dermot Corry, President of the Society of Actuaries in Ireland, calls for reform of pensions structures
20th September 2013 | Cross-Practice, Press Release
Dermot Corry, President of the Society of Actuaries in Ireland, has called for reform of Pensions Structures in his Presidential Address on 19th September 2013. Click here to read the full press release
IAA Releases Paper on Stress Testing and Scenario Analysis
19th September 2013 | Enterprise Risk Management, General Insurance, Healthcare, Life Assurance, Life Reinsurance
The International Actuarial Association (IAA) has published a paper on Stress Testing and Scenario Analysis by the Insurance Regulation Committee.
CMI publishes 2013 mortality projections
17th September 2013 | Demography
The CMI has published CMI_2013, an updated version of the Mortality Projections Model. It is accompanied by Working Paper 69, which illustrates the impact of incorporating the latest England and Wales population mortality dataset into the Model. The Working Paper also summarises the responses to the recent consultation on the future of the Model and the CMI Library of Mortality Projections and outlines the Committee’s reaction and planned next steps. An updated version of the User Guide has also been issued.
International Actuarial Association Mortality Working Group - first report
23rd August 2013 | Demography
The International Actuarial Association Mortality Working Group (IAAMWG) has published its first report. The IAAMWG is a group of volunteers who study mortality and monitor studies completed by other organisations worldwide, focusing on the impact on insurance products (including life, pension and living benefits) or on government or world organisation (such as WHO and the UN) sponsored programs. Mortality experience studies of general populations, insured life and other population subsets are within in the scope of the MWG.
Central Bank appoints new Deputy Governor, Financial Regulation
21st August 2013 | Cross-Practice
The Central Bank of Ireland today (Wednesday 21st August) announced the appointment of Cyril Roux as Deputy Governor, Financial Regulation. An actuary by profession, Mr Roux will be responsible for all regulatory activities at the Central Bank. He is currently the First Deputy Secretary General of the French prudential supervisory authority for banks and insurance companies (Autorité de Contrôle Prudentiel et de Résolution ACPR). The Minister for Finance has welcomed the appointment.
Feedback Statement on Consultation Process CP61, Impact Based Levies and Other Levy Related Matters
26th July 2013 | Cross-Practice
The Central Bank of Ireland has published 'Feedback Statement on CP61' relating to proposed changes to the basis for calculating the industry funding levy payable by regulated entities and other levy-related matters. This feedback statement outlines the main themes which emerged from submissions received and the Bank's response thereto. It also sets out the changes to be implemented and the estimated impact of proposed reforms on annual levies payable by regulated entities.
EIOPA publishes results of Peer Reviews on Internal Models
18th July 2013 | Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published today the final report on the results of its two peer reviews on internal models. The purpose of the peer reviews was to assess the practices of supervisors and colleges related to the review of internal models during the pre-application process. Both peer reviews cover supervisory practices in 24 Member States.
Unprecedented call for Government action to save thousands of workers from pensions hardship
8th July 2013 | Cross-Practice, Press Release
The Society of Actuaries in Ireland today issued a joint press release and statement, together with IBEC, ICTU and IAPF, calling for government action to save thousands of workers from pensions hardship.
First EU study on the financial situation of pension funds
4th July 2013 | Pensions
On 4th July EIOPA published the first EU study on the financial situation of pension funds. The results show that the holistic balance sheet approach benefits the protection of current and future generations. And the outcomes reinforce the need to continue working towards a market-consistent and risk-based regulatory regime in Europe.
Joint Committee of ESAs holds its first Consumer Protection Day
28th June 2013 | Cross-Practice
The Joint Committee of the European Supervisory Authorities (Joint Committee) held its first Consumer Protection Day on 25 June 2013 in Paris. Consumer protection is a major objective for the European Supervisory Authorities (ESAs – EBA, ESMA, EIOPA) and under the auspices of the Joint Committee, they continue to place this high on their agenda for 2013. The aim of the event was to provide a forum for exchange and discussion on important and current cross-sectoral consumer issues.
EIOPA issues Opinion on Consumer Protection Issues in Payment Protection Insurance
28th June 2013 | Cross-Practice
With this Opinion in the field of consumer protection, EIOPA recommends national competent authorities (NCAs) to analyse their national Payment Protection Insurance (PPI) markets based on the findings of this opinion. PPI is an insurance product designed to provide coverage for the consumer of a financial obligation generally in the form of a mortgage or a consumer loan repayment, in case they are unable to fulfil a payment. The consumer protection issues surrounding PPI have triggered action from regulatory or supervisory bodies in a number of jurisdictions.
EIOPA launches public consultation on two good practices reports in the area of consumer protection
27th June 2013 | Cross-Practice
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on two Good Practices Reports on comparison websites and knowledge & ability of distributors of insurance products.
Minister for Social Protection launches Pensions Board Annual Report 2012
17th June 2013 | Pensions, Non-SAI publication
Today, the Minister for Social Protection, Joan Burton T.D. launched The Pensions Board Annual Report and Accounts 2012. At the launch, The Pensions Board highlighted its ongoing investigations into pensions contributions deducted by employers but not passed on to pension schemes, as well as the challenges for defined benefit schemes and concerns about the governance of Ireland’s €70 billion pensions sector.
Results of EIOPA Long-Term Guarantee Assessment
17th June 2013 | Enterprise Risk Management, ERM: Non-Life, Finance & Investment, General Insurance, Healthcare, International, Life Assurance, Life Reinsurance, Non-Life: Regulation, Non-Life: Reinsurance, Non-Life: Reserving, Solvency II, Solvency II: Non-Life
EIOPA Press Release:
EIOPA Annual Report 2012
14th June 2013 | Pensions
The European Insurance and Occupational Pensions Authority (EIOPA) has published its Annual Report 2012 as requested by EIOPA Founding Regulation (Article 43.5). 2012 is the second year of EIOPA’s work as a European Supervisory Authority. In the course of this year, EIOPA continued its work in its seven core areas: regulatory tasks; supervisory tasks; consumer protection and financial innovation; creation of the common supervisory culture; financial stability; crisis prevention, management and resolution; external relations.
Minister Burton introduces new measures to assist Defined Benefit pension schemes meet their funding proposals
29th May 2013 | Pensions, Social Policy
The Minister for Social Protection, Joan Burton T.D., has announced a number of regulatory changes to assist defined benefit schemes as they prepare their funding proposals before the Funding Standard deadline of 30th June 2013. The regulations will reduce the level of risk reserve that the schemes are required to
Occupational Pension Funds (IORP): Next Steps
24th May 2013 | Pensions
Commissioner Barnier has indicated his intention to come forward with a proposal for a Directive to improve the governance and transparency of occupational pension funds in the autumn of 2013. At this stage, and as long as more comprehensive data is needed and Solvency II is not in force, the proposal for a Directive will not cover the issue of the solvency of pension funds. In light of the differing situations in Member States regarding retirement products and pension funds, it is necessary to continue technical work on the issue of solvency.
Society of Actuaries in Ireland expresses concern about delay to reform of pensions legislation
23rd May 2013 | Pensions, Press Release
The Society of Actuaries in Ireland has issued a press release expressing concern about the delay to the reform of pensions legislation following publication of the Social Welfare and Pensions (Miscellaneous Provisions) Bill 2013 yesterday. The Bill does not address major reforms required to pensions legislation for defined benefit schemes.
Proposed Principles for Communicating Investment Risk
22nd May 2013 | Paper
In 2011 a working party of the Society of Actuaries in Ireland produced a paper that considered the existing methods of communicating investment risks to consumers and the latest regulatory developments at an Irish and international level. In addition they carried out an analysis of the effectiveness of these methods for Irish life assurance unit linked funds. This work is presented in the paper entitled “Report of the Working Party on Communicating Investment Risk”.
New exhibition at the Science Gallery: Risk Lab – are you feeling lucky?
3rd May 2013 | Cross-Practice
The Science Gallery in Dublin has been transformed into a virtual casino for its latest show, Risk Lab. Visitors can expect to learn more about their perception of risk and the psychology and maths behind games such as roulette and poker. The goal is to help give people a deeper understanding of risk-taking in every aspect of their lives. The exhibition opened on the 2nd May, and the free show is set to run until 23rd June at the Science Gallery on Pearse Street.
EIOPA publishes Survey of EU practice on default investment options
25th April 2013 | Finance & Investment
The European Insurance and Occupational Pensions Authority (EIOPA) has published its Survey of EU practice on default investment options. The survey was conducted as a follow up to EIOPA advice to the European Commission on the review of the IORP Directive, which stated that:
Minister announces newly-structured Pensions Authority and Pensions Regulator
24th April 2013 |
The Minister for Social Protection, Joan Burton T.D., has announced a number of changes to strengthen governance and regulation of the country’s occupational pensions and give consumers greater input into pensions policy.
OECD publishes Review of the Irish Pension System
23rd April 2013 | Pensions
The OECD has published its Review of the Irish Pension System. The report provides an international perspective on Ireland’s retirement income provision, the result of a request from the Minister for Social Protection for a focused review on the viability and long-term impact of proposed changes in pension policy, taking into account the impact of the economic downturn. It covers all components of the pension system: state, private personal and occupational plans and schemes for public-sector employees. Four significant objectives are examined:
Preliminary Results of the QIS on IORPS
9th April 2013 | Pensions
The European Insurance and Occupational Pensions Authority (EIOPA) has published the preliminary results of the quantitative impact study (QIS) on Institutions for Occupational Retirement Provision (IORPs) conducted by EIOPA in October – December 2012. The purpose of this QIS is to assess the impact of the different options included in EIOPA’s advice on valuation and security mechanisms for the financial requirements for IORPs. The QIS is part of the process to advise the European Commission on the review of the IORP Directive.
SAI Newsletter April 2013
9th April 2013 | Cross-Practice, Newsletter
The April 2013 issue of the SAI Newsletter is the first of the new year and is in a slightly different format than previous issues. Rather than filling the newsletter with long reviews of evening meetings, the newsletter team is experimenting with having much shorter summaries. This approach means that we will need to draw on other content for the newsletter. The newsletter team would appreciate receiving submissions and ideas from members for future editions.
The European Actuary
8th April 2013 | International
The April Issue of The European Actuary is now available here. It features the following articles; • EIOPA calls for transparency to protect consumers.• The thorny issue of annuities• Mortgages: interesting asset class for pension funds?• Social Responsibility• Unintended Future Risk• What can actuaries add to the debate on environmental issues?
EIOPA consults on Guidelines on preparing for Solvency II
28th March 2013 | ERM: Non-Life, Finance & Investment, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Pensions, Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II.
European Commission launches Green Paper on the long-term financing of the European economy
25th March 2013 | Cross-Practice
The European Commission has adopted a Green Paper that launches a three-month public consultation on how to foster the supply of long-term financing and how to improve and diversify the system of financial intermediation for long-term investment in Europe. Full details are available here.
OECD publishes report on DC pensions
22nd March 2013 | Pensions, Pensions, Social Policy, Social Policy, Non-SAI publication
In its report on "Design and Delivery of Defined Contribution (DC) Pension Schemes - Policy Challenges and Recommendations", the OECD summarises the challenges policymakers face and recommends key improvements that can help to ensure DC delivers the incomes that individuals need.
EIOPA and the World Bank sign agreement to develop global insurance sector
22nd March 2013 | International
The European Insurance and Occupational Pensions Authority (EIOPA) and the World Bank have signed an operational Memorandum of Understanding (MoU) to cooperate on developing the insurance sector. This Memorandum will enable both organizations to collaborate on promoting a risk_based regulatory and supervisory framework in insurance, as well as the identification of systemic risk and the promotion of consumer protection. More information is available here
CERA seminar for ST9 candidates
22nd March 2013 | Cross-Practice, Enterprise Risk Management
The requirements you need to fulfil for the CERA qualification changed from September 2012. For those taking the ST9 exam after 1 September 2012, you also need to attend a seminar in order to receive the qualification. More information is available here
Not shopping for an annuity could cost British retirees £237m this year
21st March 2013 | Demography, Pensions
According to Association of British Insurers’ figures 50% of the 400,000 people a year who purchase an annuity do not search the market for the best deal. The consultancy’s analysis of annuity data found that, based on the difference between the average and best annuity rates available on an average £40,000 pension pot, these people would be missing out on income worth over £237m in total over a 22-year retirement.
Britain ‘not ready for ageing population’
21st March 2013 | Demography
Britain is ‘woefully underprepared’ for the consequences of an ageing society and could face a series of age-related crises, a House of Lords committee has warned. The committee’s report, “Ready for ageing”, suggests that private sector employers, government and the financial services industry must work together to tackle the ‘serious deficit’ in defined contribution pensions.It called on the government to work with the financial sector to support the growth of a ‘safe, easy-to-understand equity release market’.
Changes to the Continuous Mortality Investigation
21st March 2013 | Demography
The CMI, supported by the Institute and Faculty of Actuaries, has a long history of providing authoritative and independent mortality and sickness rate tables for UK life insurers and pension funds. The CMI tables have underpinned the prudential and financial reporting of almost all these institutions.
Sitting exams in April 2013?
20th March 2013 | Cross-Practice, Students
There are going to be some important changes for the April 2013 exams. These include: The launch of electronic exam entry permits; A new style exam paper and answer booklet; The need to write in black ballpoint ink only and Scanning of exam answer booklets for marking purposes. Please make sure you read this important information so as to be aware of the changes and to ensure that your script can be marked.
New Verifiable Experienced Practitioner route to Chartered Enterprise Risk Actuary designation
5th February 2013 | Cross-Practice, Enterprise Risk Management
Since 2010, the UK Institute and Faculty of Actuaries has been permitted to award the Chartered Enterprise Risk Actuary (CERA) qualification to those of its Associates and Fellows who have passed its ST9 Enterprise Risk Management (ERM) Specialist Technical examination (and, from September 2012, have also attended a one day seminar).
Groupe Consultatif publishes position paper on Pensions Portability Directive
4th February 2013 | Pensions, Social Policy
The Groupe Consultatif has published a position paper on the draft Pensions Portability Directive which is presently under preparation in the EU. The objective of the paper is to set out for EU institutions and stakeholders the views of the actuarial profession on this subject.Read the position paper
Groupe Consultatif publishes 'Role of the Actuary under Solvency II' guide
29th January 2013 | Solvency II
The Groupe Consultatif Actuariel Européen has published a booklet titled “the Role of the Actuary under Solvency II, Raising the bar on insurance technical expertise.” The booklet states that Actuaries can play a significant role in giving senior management and boards of directors the support they need under Solvency II - not just within the Actuarial Function, but in a number of other areas within insurance management and oversight.
Pensions Board publishes investment guidelines
22nd January 2013 | Finance & Investment, Life Assurance, Pensions
The Pensions Board has published investment guidelines for trustees of defined contribution pension schemes. These guidelines aim to help trustees in deciding which investment choices to make available for scheme members. Commenting on the guidelines, the Chief Executive of The Pensions Board, Brendan Kennedy, said:
Groupe Consultatif publishes comparison of regulatory approach in insurance and banking
10th January 2013 | Banking, Cross-Practice, Finance & Investment, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Solvency II, Solvency II: Non-Life
The Groupe Consultatif Actuariel Européen has published a paper titled “Comparison of the Regulatory Approach in Insurance and Banking in the Context of Solvency II”. The principal author is Mairead O’Shea, a Fellow of the Society of Actuaries in Ireland. “Executive Summary
IAA publishes International Standard of Actuarial Practice
13th December 2012 | Cross-Practice
The International Actuarial Association (IAA) approved its first International Standard of Actuarial Practice, ISAP 1, on General Actuarial Practice, at its Council meeting in November 2012. An ISAP is a model standard which the IAA encourages actuarial standard-setting bodies to consider. Description
Institute & Faculty of Actuaries publishes Longevity Bulletin
11th December 2012 | Demography, Life Assurance, Life Reinsurance, Pensions, Social Policy
Issue four of the Institute and Faculty of Actuaries Longevity Bulletin explores the data that evidences that we are all living longer but questions how healthy we are during those extra years. From Philip Scott, President of the Institute and Faculty: "In the past longer life was generally driven by better health. However data collected over the last twenty years highlights that life expectancy and healthy life expectancy are not one and the same.
Groupe Consultatif publishes paper on Market Consistency
5th December 2012 | Finance & Investment, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Non-Life: Regulation, Non-Life: Reinsurance, Non-Life: Reserving, Pensions, Solvency II, Solvency II: Non-Life
The Groupe Consultatif Actuariel Européen has published a paper on Market Consistency. The paper summarises the key principles underlying market consistent valuations of assets and liabilities. Its underlying aim is to help actuaries and others best interpret the concept of market consistency in contexts where several possible valuation approaches are or might be proposed.
Groupe Consultatif Actuariel Européen seeks CEO
27th November 2012 |
The Groupe Consultatif Actuariel Européen (European Actuarial Consultative Group) is recruiting a CEO, to replace the current CEO, Michael Lucas, on his retirement next year. Applications should be submitted to the Groupe by 21st December 2012. More information
Report finds fiscal incentives for retirement savings in the Irish pension system are progressive and compare well internationally, but proposed changes could discourage long-term saving
11th October 2012 | Pensions, Press Release
The Society of Actuaries in Ireland is pleased to publish the attached report on “Analysis of Fiscal Incentives for Retirement Savings – models and redistributive effects”.
Pensions Board revises timeframe for funding proposals
27th September 2012 | Pensions, Pensions
The Pensions Board has revised the timeframe for defined benefit schemes with funding deficits to submit funding proposals to the Board. This follows consideration of representations made to The Pensions Board by a number of parties, including the Society of Actuaries in Ireland.
SAI to establish a "Wider Fields" Member Interest Group
24th September 2012 | Cross-Practice
The Society of Actuaries in Ireland has decided to establish a "Wider Fields" Member Interest Group. This will be similar to the UK Actuarial Profession's Resource and Environment Member Interest Group (see http://www.actuaries.org.uk/members/pages/resource-and-environment-memb…) except that it will have a wider remit.
The Pensions Board publishes FAQs on recent changes to the funding standard
17th July 2012 | Pensions
The Pensions Board has published FAQs on recent changes to the funding standard. This document sets out The Pensions Board's responses to certain questions posed on the recent changes, in June 2012, to the funding standard. The Board continues to receive questions on this matter and this document will be updated as necessary. For further information on the funding standard requirements, please check the Statutory Guidance section of our website.
International Congress of Actuaries – Event Date & Call for papers
13th July 2012 | Cross-Practice
Every 4 years, member associations of the IAA organise an International Congress of Actuaries and welcome actuaries from all disciplines and from around the world. The next Congress will be held in Washington from 30th March – 4th April 2014. The theme of the 2014 Congress is Learn, Interact, Grow. For further information on the event, see www.ica2014.org/about.
Initial Response from Society of Actuaries in Ireland to Pensions Board’s funding rules for defined benefit pension schemes
7th June 2012 | Pensions, Press Release
The Society of Actuaries in Ireland has today issued a Press Release in response to the Pensions Board funding rules for defined benefit pension scheme.
Institute and Faculty of Actuaries publishes Longevity Bulletin
30th May 2012 | Cross-Practice, Demography
The Institute and Faculty of Actuaries Longevity Bulletin aims to provide a regular overview of research into longevity trends and a guide to prospects for long life. It presents and explains actuarial perspectives on population longevity and looks beyond the actuarial world for statistics, research and the latest thinking on related subjects. Longevity Bulletin is published every six months. Issue 03 is now available.
CMI publishes analysis of SAPS mortality experience
30th May 2012 | Demography, Pensions
The Continuous Mortality Investigation (CMI) carries out research into mortality and morbidity experience, based on data supplied by UK life assurance companies and actuarial consultancies. The CMI has published Working Paper 62, which presents a preliminary analysis of the mortality experience under large self-administered pension schemes for the period 2003 to 2010. Further information
Fiscal Incentives Research
24th May 2012 | Cross-Practice
BackgroundThe Society seeks to make an impartial contribution to public debate on social policy and public interest matters where an actuarial perspective can add value. In this context, the Society has decided to commission research as set out below.
Proposed changes to the Solvency II implementation date
23rd May 2012 | Solvency II
On 16 May 2012, the European Commission published a proposed directive of the European Parliament and the Council in order to amend the deadline for the transposition and subsequent implementation of the Solvency II Framework Directive (Directive 2009/138/EC). The proposed Directive says:
"European Actuary" magazine available online
3rd May 2012 |
The latest version of The European Actuary (TEA), the biannual magazine of the Dutch actuarial association, ‘Actuarieel Genootschap & Actuarieel Instituut’, the German association, ‘Deutsche Aktuarvereinigung’, the Institute and Faculty of Actuaries in the United Kingdom (‘The Actuarial Profession’) and the French ‘Institut des Actuaries’ is now available online. Visit www.the-european-actuary.org.
Minister Burton publishes Social Welfare and Pensions Bill 2012
16th April 2012 | Pensions
Joan Burton TD, Minister for Social Protection today (5th April) published the Social Welfare and Pensions Bill 2012 to give effect to a number of reforms including those in the areas of the One-Parent Family Payment scheme and Defined Benefit Pension schemes. The main provisions in the Bill are set out here.
CERA Treaty Board approves Thought Leader and Verifiable Experienced Practitioner application
23rd March 2012 | Enterprise Risk Management
From the UK Actuarial Profession's ERM Newsletter, March 2012: "We are pleased to announce that the CERA Treaty Board has recently granted approval to the application from the UK Actuarial Profession to award the CERA qualification to Thought Leaders and Verifiable Experienced Practitioners. Over the next few months, the identification and confirmation of Thought Leaders will begin. This will be done using a Selection Panel and will be by invitation only. The key criteria for a Thought Leader are:
ASB issues proposals on Financial Reporting Standards
30th January 2012 | Healthcare, Life Assurance, Life Reinsurance, Non-Life: Reinsurance
From the UK Financial Reporting Council today (30th January 2012): ASB issues revised proposals for the Future of Financial Reporting Standards in the UK & Republic of Ireland The Accounting Standards Board (ASB) of the Financial Reporting Council has today published financial reporting exposure drafts (FREDs) 46 to 48 setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland.
Sovereign Annuity Regulations now in force
23rd January 2012 | Pensions
The following Sovereign Annuity Regulations are now in force: 1. The Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2012 were signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012. 2. The Pensions Act (Register and Database of Certified Policies or Contracts of Assurance) Regulations, 2012 were signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012.
European Commission publishes guidelines on Gender Directive
11th January 2012 | General Insurance, Life Assurance
The European Commission has published guidelines on the application of the Council Directive 2004/113/EC (the “Gender Directive”) to insurance, in the light of last year’s judgment of the Court of Justice of the European Union in Case C-236/09 (Test-Achats). Article 5(1) of the Gender Directive provides that, for new insurance and other financial services contracts concluded after 21st December 2007, the use of gender as an actuarial factor in the calculation of premiums and benefits must not result in differences in individuals’ premiums and benefits.
European Congress of Actuaries
10th January 2012 | Enterprise Risk Management, International, Solvency II
The Groupe Consultatif's first European Congress of Actuaries - ECA 2012 - will take place in Brussels on 7/8 June 2012. The theme is The Future European Actuary. This Congress aims to attract actuaries working in industry, consulting and academia, as well as other financial professionals, politicians and others interested in the future of risk management in Europe. The programme will include speakers from the European Parliament and Commission, supervisory authorities, rating agencies, and other fields.
Groupe Consultatif says that consumers will suffer if antidiscrimination goes too far with insurance
6th December 2011 | General Insurance, Healthcare, Life Assurance, Life Reinsurance
Brussels - It is in the interest of consumers that insurance markets provide affordable and accessible insurance. However, if risk factors such as age and disability should be ruled discriminatory, as was the case for gender in the landmark ruling of the European Court of Justice in March 2011, certain types of insurance cover could become unavailable, according to the Groupe Consultatif Actuariel Européen.
Dept of Social Protection note about upcoming DB changes
30th November 2011 | Pensions
The Government has approved a number of changes to defined benefit (DB) pension provision to help ensure its sustainability, enhance the security of member benefits and increase equity between members of DB schemes. The note is now attached. To read the Sociey's note about the same changes - please click here
Economic & financial dataset
21st November 2011 | Cross-Practice, Finance & Investment, Paper, Research
The Society of Actuaries in Ireland provided a research grant last year to Colm Fitzgerald, a Fellow of the Society, to enable him to collate an extensive economic, investment and financial dataset, for use by actuaries and other interested persons and bodies. Approximately 300 years of equity and bond/interest rate data, along with approximately 900 years of inflation and earnings inflation data,
Society publishes Position Paper on Taxation of Private Pension Provision
17th November 2011 | Pensions, Social Policy, Briefing Statement
The Society of Actuaries in Ireland has published a position paper on “Taxation of Private Pension Provision”. The primary purpose of the paper is to examine the effect of reducing the tax relief on pension contributions made by individuals. Individuals currently receive tax relief at their marginal income tax rate on pension contributions. The National Recovery Plan 2011-2014 proposes to change the tax relief from the individual’s marginal tax rate to the standard tax rate of 20% by 2014.
Risk Management – A supervisor’s approach
30th September 2011 | Solvency II
Gabriel Bernardino, Chairman of the European Insurance and Occupational Pensions Authority, delivered a speech entitled "Risk Management – A supervisor’s approach" at the SUERF (Société Universitaire Européenne de Recherches Financières) European Money and Finance Forum on the 22nd September 2011 in Helsinki.
SAI President's Address 2011
26th September 2011 | Cross-Practice, Presidential Address
Paul O'Faherty presented his Presidential Address on 22nd September. Paul chose the theme of “Relevance in a time of change and turmoil” and opened by asking the question, “Through all the economic turmoil in Ireland, it’s certainly worth asking ourselves individually and collectively as actuaries - how relevant have we been in these most difficult of times?”
IAA AFIR Section expands scope to Enterprise Risk Management
17th August 2011 | Enterprise Risk Management
At the June, 2011 general meeting of the AFIR (Actuarial Approach for Financial Risks) section in Madrid, the membership affirmed a major expansion of the scope of the IAA section to now include Enterprise Risk Management (ERM) along with continuing the original focus on financial risks. To emphasize this change, the section has taken on a new name, AFIR/ERM.
Society responds to the Second Consultation on Review of Consumer Protection Code
27th July 2011 | Cross-Practice, Submission
The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Consultation Paper “Second Consultation on Review of Consumer Protection Code”. The Society supports the Central Bank’s continued objective to strengthen the consumer protection framework. We welcome the introduction of revised measures which will benefit consumers in their dealings with the financial services industry and which will provide both additional protections and enhancements to existing provisions.
New Council and Strategy Plan 2011-2014
7th July 2011 | Cross-Practice
The Society's Council has adopted a new Strategy Plan covering the period 2011-2014. Recently-elected President, Paul O'Faherty, told members: "This Plan reflects the thinking of a wide cross-section of members and in particular it has been considerably enhanced by direct feedback from attendees at the Annual Convention. As always, though, we will be relying on your continued enthusiasm and energy to bring it to life.
Society responds to consultation on Economic Scenario Generators and Market Consistency
29th June 2011 | Cross-Practice, Submission
The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Discussion Paper on “Economic Scenario Generators and Market Consistency”. The Society recognises the difficulties involved with calibrating market-consistent economic-scenario generators in the absence of deep and liquid markets, and we welcome the Central Bank's initiation of a discussion on this topic.
Second International Comparative Study of Mortality Tables for Pension Fund Retirees
23rd June 2011 | Demography, Life Assurance, Life Reinsurance, Pensions
A paper entitled a “Second International Comparative Study of Mortality Tables for Pension Fund Retirees” has been published by T.Z.Sithole (Kingston University), S.Haberman and R.J.Verrall (both Cass Business School, City University London).
Groupe Consultatif publishes presentations from Summer School on ORSA
22nd June 2011 | Solvency II, Presentation
Presentations made at the Groupe Consultatif's recent Summer School on Testing and Disclosing Own Risk Models for Solvency Assessmentsare now available on the Groupe's website at http://www.gcactuaries.org/events.html.
Groupe Consultatif to recruit Deputy Chief Executive
20th June 2011 | Cross-Practice
The Groupe Consultatif Actuariel Européen wishes to appoint a full‐time Deputy Chief Executive, based in Brussels, with a focus on fulfilling the Public Affairs function. In particular, this will involve responsibility for achieving the Groupe’s strategic aim to raise awareness of the actuarial profession among decision-makers in the European Union on a political and economic level, especially in the European Commission and the European Parliament, but also among supervisors, insurance companies, pension funds, financial institutions, consumer organisations, unions, etc.
Dept of Social Protection invites tenders for pensions consultancy
19th May 2011 | Pensions
As part of the National Pensions Framework implementation process, the Department of Social Protection intends to establish a panel of consultants, some of whom may be engaged from time to time during the implementation process. In that regard, a Request for Tender has been published today, requesting applications from vendors who wish to be considered for entry to that panel.
Longevity Bulletin and Emerging Trends Symposium
18th May 2011 | Demography
Longevity Bulletin In the first edition of the Actuarial Profession’s Longevity Bulletin, editor Alison O’Connell publishes the findings of a new comparison of a range of international projections of future longevity that reveals some consistent themes. They are:
Society responds to consultation on The Fit and Proper Regime
18th May 2011 | Cross-Practice, Submission
The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Consultation on “The Fit and Proper Regime in Part 3 of the Central Bank Reform Act 2010”. The Society recognises the importance of a robust fitness and probity regime and supports the objectives of the Central Bank in this area. However, the response notes that fitness and probity must be seen as only one part of an overall corporate governance and risk management structure.
Society issues press release on Pension Fund Levy
11th May 2011 | Pensions, Press Release
The Government announced yesterday that “Jobs Initiative 2011” will be partly funded by a special levy on pension savings. In a press release the Society of Actuaries in Ireland acknowledged the economic and fiscal challenges the country faces and the need in particular to get more people back to work. However, any changes to pension policy can have far-reaching consequences, so must be properly thought through.
IAA Releases Note on Enterprise Risk Management for Pensions
10th March 2011 | Enterprise Risk Management, Pensions
IAA News Release: The International Actuarial Association is pleased to announce the publication by its Pensions and Employee Benefits Committee of a Note on Enterprise Risk Management for Pensions.
Society issues press release on Gender Directive ruling
1st March 2011 | Demography, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Pensions, Social Policy, Press Release
The European Court of Justice (ECJ) has today ruled that Article 5(2) of the Gender Directive 2004/113/EC breaches European Union gender discrimination laws. Article 5(2) currently permits individual member states to differentiate between men and women when pricing insurance where statistical evidence shows gender is a determining risk factor. The ECJ has ruled that this derogation is invalid from 21st December 2012.
Society responds to consultation on Impact Metrics for Risk Based Supervision
1st March 2011 | Enterprise Risk Management, Finance & Investment, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Submission
The Society of Actuaries in Ireland has responded to a “Consultation on Impact Metrics for the Risk Based Supervision of Financial Firms by the Central Bank and on Impact Based Levies”.
Kevin Murphy addresses members and guests at SAI Biennial Dinner
10th February 2011 | Biennial Dinner, Cross-Practice
Kevin Murphy, President of the Society of Actuaries in Ireland, addressed members and guests at the Society’s Biennial Dinner on 10th February. His speech is now available by clicking here.
Society responds to EIOPA consultation on Variable Annuities
31st January 2011 | Enterprise Risk Management, Life Assurance, Life Reinsurance, Solvency II, Submission
The Society has responded to the EIOPA (formerly CEIOPS) consultation paper CP83, “Draft Report on Variable Annuities”. We welcomed the Draft Report and expressed support for a substantial majority of the recommendations made in it.
Society responds to Central Bank consultation on Consumer Protection Code
11th January 2011 | Finance & Investment, General Insurance, Healthcare, Life Assurance, Social Policy, Submission
The Society has responded to the Central Bank of Ireland consultation paper on “Review of the Consumer Protection Code”. Read the consultation paper Read the Society’s response
IAA Releases Note on Internal Models
25th November 2010 | Enterprise Risk Management, General Insurance, Healthcare, International, Life Assurance, Life Reinsurance, Solvency II
IAA News Release: The International Actuarial Association is pleased to announce the completion of the paper Note on the Use of Internal Models for Risk and Capital Management Purposes by the Solvency Subcommittee of the Insurance Regulation Committee.
Expert Working Group publishes Report on Medical Negligence and Periodic Payments
25th November 2010 | General Insurance, Healthcare, Social Policy
An expert working group on medical negligence litigation, chaired by High Court Judge Mr Justice John Quirke and including Mr James Kehoe, Fellow, Society of Actuaries in Ireland, has reported that the current system of awarding lump sum payments for damages for future care needs in medical negligence, and all other cases where catastrophic injuries are awarded damages, is inadequate and inappropriate.
Society says that fundamental review of defined benefit pension system is long overdue
11th November 2010 | Pensions, Social Policy, Briefing Statement
The Society of Actuaries in Ireland has stressed that it is vital that the ambitious deadline set for the potentially far-reaching review of defined benefit pension schemes announced recently by Minister Ó Cuív is delivered upon and a new protection system is put in place promptly.
Central Bank of Ireland issues second edition of Solvency II newsletter
12th October 2010 | Solvency II
The Central Bank of Ireland has issued the second edition of their Solvency II Newsletter, ” Solvency II Matters - Issue 2. There are a number of important updates in this issue, including updates on the process for submitting QIS5 results, an overview of the Internal Model pre-application process and guidance on Article 4 of the Directive. Any feedback on the newsletter or suggestions for future topics sho
Solvency II: Central Bank of Ireland publishes QIS 5 Q&A
4th October 2010 | Solvency II
With the Society’s assistance, the Central Bank of Ireland held a number of QIS 5 workshops in September, to aid companies in understanding the requirements of QIS 5 and completing the associated spreadsheets. The workshops were aimed at all professionals involved in completing QIS 5. They tried to address issues that firms had initially encountered and identified with the technical specification and spreadsheets.
Submission to Health Insurance Authority on Risk Equalisation
30th August 2010 | Healthcare, Social Policy, Submission
The Health Insurance Authority’s recent consultation paper on “Risk Equalisation in the Irish Private Health Insurance Market” invites input on the risk factors to be taken into account in a risk equalisation scheme, such as age, gender and health status. In the Society’s response to the paper, we emphasise that decisions on risk factors should have regard to, and be consistent with, the objectives of the scheme. The Society is in favour of a risk equalisation system that encourages competition and new insurers. It would not be necessary to allow for health status in such
CEIOPS publishes the main spreadsheet to be used by solo undertakings and groups to complete their QIS5 submission
24th August 2010 | Solvency II
CEIOPS publishes the main spreadsheet to be used by solo undertakings and groups to complete their QIS5 submission due for end-October 2010 (solo) and mid-November 2010 (groups).
Financial Regulator issues first edition of Solvency II newsletters
18th August 2010 | Solvency II
The Financial Regulator has issued the first edition of their Solvency II Newsletters, which they plan to issue on a quarterly basis. The newsletter is intended to keep insurance and reinsurance undertakings informed and up-to-date on Solvency II policy developments, implementation activities and events.
Society makes submission to Financial Regulator on Minimum Competency Requirements
16th August 2010 | Cross-Practice, Submission
The Society of Actuaries in Ireland has welcomed the Financial Regulator’s Review of Minimum Competency Requirements (Consultation Paper 45), noting that “The Requirements benefit consumers by ensuring that individuals who sell or provide advice on retail financial products acquire relevant competencies first”.
Submission to Financial Regulator on CP42, “Investment Guarantees – Guidance on Reserving and Risk Governance”.
31st July 2010 | Finance & Investment, Life Assurance, Life Reinsurance, Submission
Submission to Financial Regulator on Investment Guarantees The Financial Regulator published a consultation paper during the summer on “Investment Guarantees – Guidance on Reserving and Risk Governance”.
Society launches Non-Executive Directors Register
12th July 2010 |
There is a growing demand for people with sound business knowledge, financial acumen and the ability to manage risks, to serve as non-executive directors on the Boards of financial institutions. Find out more about the Register of Directors
A framework for improving pension security
22nd June 2010 | Pensions, Pensions
The importance of security of occupational pensions has been highlighted by the financial crisis, and there have been calls for the Solvency II framework to be applied directly to pension plans to provide greater security for plan members. Whilst this is one possibility, it would have significant ramifications; other approaches may be more suitable for pensions.
Solvency II – QIS5 workshop
21st June 2010 | Solvency II
CEIOPS and the Groupe Consultatif have assembled a programme for a hands‐on practical workshop on QIS5 to be held at the CEIOPS office in Frankfurt on 25th and 26th August. The outline programme has been designed such that the first day should suffice for general insurance actuaries while the second day will address specialised life (with‐profits) issues. Participants may register for each day separately.
Sample risk register for pension schemes
1st June 2010 | Pensions, Briefing Statement
The Society of Actuaries in Ireland has published a sample risk register to help pension scheme trustees and sponsoring employers, with the assistance of their actuarial advisers, to identify the various risks inherent in pension schemes and to manage these risks effectively. Scheme Actuaries, in particular, are encouraged to use the sample risk register to engage with their clients on the broad spectrum of risks, from financial to operational, that pension schemes face.
Financial Reporting Council issues new Governance Standards for Listed Companies
1st June 2010 | Cross-Practice
The UK Financial Reporting Council (FRC) has introduced changes to the UK Corporate Governance Code – formerly known as the Combined Code – to help company boards become more effective and more accountable to their shareholders.
Sample Protocols for managing Conflicts of Interests
28th May 2010 | Pensions, Briefing Statement
The Society of Actuaries in Ireland has prepared sample Protocols to assist actuaries who are appointed to advise the trustees and/or sponsoring employer of a pension scheme and who need to prepare a Protocol on the management of conflicts of interests in accordance with ASP Pen-13, Conflicts of Interests – Pensions Actuaries. The sample Protocols are available under Press & Publications / Briefing Statements.
Webinar: Using term-dependent assumptions for pension scheme valuations
26th May 2010 | Pensions
Over 2,000 years after Aristotle argued that the earth is not flat, similar discussions are taking place (sort of!) for actuarial valuations. In a webinar on 30th June, organised by the UK Actuarial Profession, Hewitt's John Coulthard and Roger Moring will discuss the merits of using term-dependent assumptions for valuations from a corporate and trustee perspective respectively and will share some practical lessons learned.
CEA, CRO Forum & CFO Forum send joint letter to EC on Solvency II illiquidity premium
26th May 2010 | Solvency II
The CEA, CRO Forum and CFO Forum have written to the European Commission to comment on the application of the illiquidity premium to liabilities in both the implementing measures for Solvency II and the fifth quantitative impact study (QIS 5). Welcoming the EC’s more granular approach to the application of the illiquidity premium, the paper sets out proposals for criteria to be tested in QIS 5.
Solvency II: Financial Regulator publishes information on pre-application approval process
19th May 2010 | Solvency II
Last month, the Financial Regulator issued a questionnaire to insurance undertakings that had expressed a wish to enter into the Solvency II internal model pre-application readiness assessment process. This month, the Financial Regulator held a number of workshops to discuss the questionnaire. The Financial Regulator has now published a document that sets out the questionnaire together with the main questions raised in the workshops and the Financial Regulator's responses to these questions.
Newsletter May 2010
19th May 2010 | Cross-Practice, Newsletter
In this Newsletter, read about: New Qualifiers' Reception Professionalism Course Practice Committee Updates Guidelines for Presentations Presenting your Paper to the Society Economic Scenario Generators & Solvency II Current Topics 2009 Report of the Life Assurance Valuation Regulations Working Party Reminder - CPD Returns Medically Underwritten Annuities A Holistic Framework for Life Cycle Financial Planning Back Page - Important Diary Dates, SAI Gold Update, On the Move
UK Actuarial Profession commissions research on mortality/longevity/morbidity
18th May 2010 | Demography, Healthcare, Life Assurance, Life Reinsurance, Pensions, Social Policy
The UK Actuarial Profession wishes to commission research in the area of modelling and understanding heterogeneity in mortality and morbidity risk which has an impact in areas of actuarial interest.
Financial Regulator consultation on Corporate Governance Requirements
18th May 2010 | Enterprise Risk Management, Enterprise Risk Management, General Insurance, Healthcare, Life Assurance, Life Reinsurance, Non-Life: Reinsurance, Pensions, Professional Affairs, PRSA
The Financial Regulator has published a consultation paper on "Corporate Governance Requirements for Credit Institutions and Insurance Undertakings". The paper attempts to align corporate governance requirements with recent international regulatory initiatives in the governance field and proposes minimum standards that credit institutions and insurance undertakings will be expected to meet in this area.
IAA issues Request for Proposals to prepare Educational Monograph on Discount Rates
13th May 2010 | Cross-Practice
The International Actuarial Association has issued a “Request for Proposals to prepare an Educational Monograph on the Topic of Issues Associated with the Determination of Discount Rates for Financial Reporting Purposes”. The deadline for responding to the RFP is 15th July, 2010. Request for Proposals
Financial Regulator holds Solvency II Insurance Forum and signals other regulatory initiatives
13th May 2010 | Finance & Investment, General Insurance, Life Assurance, Life Reinsurance, Solvency II
In an address to a Financial Regulator Solvency II Insurance Forum this week, Jonathan McMahon, Assistant Director General, Financial Institutions Supervision, urged companies to allocate significant resources to the implementation of Pillar 2 (risk management and governance) and Pillar 3 (supervisor reporting and disclosure) of the Solvency II framework. He commented that the implementation of Basel II (The Capital Requirements Directive) led banks and regulators to place too much importance on models and their outputs. He stressed that, while high quality models are important,
Society calls for member input on new Code of Professional Conduct
12th May 2010 | Cross-Practice
The Society has today issued a proposed Code of Professional Conduct for member consultation. Members are invited to submit comments by Friday, 25th June, 2010. Read the proposed Code and get details of the consultation process here (member log-in required).
Solvency II: EU Internal Markets Commissioner proposes deferral and urges participation in QIS5
10th May 2010 | Solvency II
At a public hearing on Solvency II in Brussels this month, Michel Barnier, Member of the European Commission responsible for the Internal Market and Services, urged insurers to give their opinions on the calibration of Solvency II by taking part in Quantitative Impact Study (QIS5). He also proposed deferral of the implementation of the Directive: “As very few insurers end their financial year on 31 October, I wish to propose deferring the date of entry into force of the Directive from 31 October 2012 to 31 December 2012 to bring it into line with the date on which the accounts o
CEA presses for further work on Solvency II implementing measures
10th May 2010 | Solvency II
The CEA, the European insurance and reinsurance federation, has called for more work to be done on the Solvency II implementing measures. It has also called for changes to the draft specifications for the fifth Quantitative Impact Study (QIS5). The CEA’s director general, Michaela Koller, said: “Although we welcome the modifications that the European Commission has already made to the implementing measures and the QIS5 specifications, the proposed measures are still too conservative in many areas and much work remains to be done before they truly
Solvency II: European Commission consults on QIS5
16th April 2010 | Solvency II
Solvency II: European Commission consults on QIS5 The European Commission has published for consultation draft technical specifications for the fifth Solvency II Quantitative Impact Study (QIS5), which will be run from August to November this year. If you have any comments on the draft technical specifications, please let the Society’s Solvency II Committee know (firstname.lastname@example.org).
Solvency II Calibration Paper
16th April 2010 | Solvency II
CEIOPS has published a paper titled “Solvency II Calibration Paper”. The paper provides background information to the technical analysis carried out by CEIOPS for the calibration of key parameters of the Solvency Capital Requirement (SCR) standard formula and the calculation of technical provisions for the purpose of Quantitative Impact Study 5 (QIS5).
Solvency II: CEIOPS publishes guidance on Pre-Application Process for Internal Models
31st March 2010 | Solvency II
CEIOPS (the Committee of European Insurance and Occupational Pensions Supervisors) has published guidance on the pre-application process for internal models. The pre-application process facilitates dialogue between undertakings and supervisory authorities prior to the submission of a formal application for approval of an internal model.
Update to ASP Pen-4, Funding Proposals under the Pensions Act (effective from 1st April 2010)
15th March 2010 | Pensions
The Minister for Social and Family Affairs has approved certain changes to the actuarial assumptions set out in Appendix 1 of ASP Pen-4, Funding Proposals under the Pensions Act. These changes will come into effect at 1st April 2010. The main changes are as follows:
Mutual Recognition Agreement with Actuarial Society of South Africa
4th March 2010 | Cross-Practice
We are delighted to announce that, in Cape Town last night, the Society of Actuaries in Ireland (SAI) entered into an agreement with the Actuarial Society of South Africa (ASSA) on mutual recognition of qualifications. This will benefit Fellows and Associates of each of the Societies who wish to practice in the other country. A Fellow or Associate of the SAI may apply to become a Fellow or Associate of the ASSA if he or she:
Press Release: Actuaries broadly welcome ‘National Pensions Framework’
4th March 2010 | Cross-Practice, Demography, Healthcare, Life Assurance, Life Reinsurance, Pensions, Social Policy, Press Release
Actuaries broadly welcome the National Pensions Framework. See announcement from Department of Social and Family Affairs here. See below for the Press Release from SAI. Click here to listen to Aisling Kennedy's interview on Morning Ireland - 4th March 2010
Solvency II: CEIOPS publishes Task Force Report on the Liquidity Premium
3rd March 2010 | Solvency II
CEIOPS has submitted to the European Commission the Task Force Report on the Liquidity Premium containing technical considerations regarding the application of a liquidity premium for the valuation of insurance liabilities, principles for extrapolation and considerations on the choice of the reference risk-free rat
New Financial Services Ombudsman appointed
16th February 2010 | Cross-Practice, Finance & Investment, General Insurance, Life Assurance, Life Reinsurance, Pensions
Mr Bill Prasifka, currently Chairman of the Competition Authority, has been appointed as Financial Services Ombudsman. He replaces Mr Joe Meade, who retired last month. It is expected that Mr Prasifka will take up his appointment by the end of March 2010 or soon thereafter. Mr PJ Fitzpatrick will remain as Interim Ombudsman until then.
Institute of Actuaries appoints President-Elect
16th February 2010 | Cross-Practice
Ms Jane Curtis FIA has been elected as President-Elect of the Institute of Actuaries at a meeting of the Institute Council. Ms Curtis is currently a Vice-President of the Institute and a member of the Institute’s Professional Regulation Executive Committee.
Chief Executive of Pensions Board talks about trustees’ responsibilities
15th February 2010 | Pensions
The Chief Executive of the Pensions Board, Brendan Kennedy, gave a presentation recently to the IAPF Trustees Forum on “What the Pensions Board expects of Trustees” . He pointed out that, while trustees are not expected to be pension professionals, they must put in the effort needed to acquire a basic knowledge of the I
Update to ASP Pen-2, Retirement Benefit Schemes Transfer Values
2nd February 2010 | Pensions
The Minister for Social & Family Affairs has approved a change in the Society’s Actuarial Standard of Practice on Retirement Benefit Schemes Transfer Values. The pre-retirement discount rate in the standard transfer value basis set out in the ASP will reduce from 7.75% to 7.5% per annum with effect from 1st March 2010.
Solvency II: CEIOPS publishes final advice on Level 2 Implementing Measures
1st February 2010 | General Insurance, Healthcare, Life Assurance, Life Reinsurance, Solvency II
CEIOPS has published its third and final set of Advice on Solvency II Level 2 Implementing Measures following formal approval by CEIOPS Members, together with a
Solvency II: CEIOPS sets up QIS5 Task Force
28th January 2010 | General Insurance, Healthcare, Life Assurance, Life Reinsurance, Non-Life: Reinsurance, Solvency II
CEIOPS Members have agreed to set up a specialized Task Force led by the CEIOPS Secretariat to deliver on the 5th Quantitative Impact Study (QIS 5), the final Quantitative Impact Study under Solvency II.
Pensions Insolvency Payments Scheme (PIPS)
28th January 2010 | Life Assurance, Pensions, Social Policy
The Government announced last year that a Pensions Insolvency Payments Scheme would be established “to assist employees and former employees of companies where the employer becomes insolvent and the defined benefit pension fund is in deficit.
Newsletter December 2009
20th December 2009 | Newsletter
In this Newsletter, read about: Kevin Murphy's Presidential Address to the Society New Qualifers' Reception Profile on Kevin Murphy, Society of Actuaries in Ireland President Life Assurance Valuation Principles: Now and Tomorrow InDCent Exposure: Making Defined Contribution pension schemes safer for members Climate Change - Risks, Politics & Opportunities Actuarial Economic Forecasting
Annuitant Mortality Study
20th December 2009 | Demography, Life Assurance, Pensions, Demography Studies
The Society of Actuaries in Ireland carried out a study of annuitant mortality during 2008/'09, based on data contributed by a number of life assurance companies. The results are set out in the attached report. The Society would like to thank the participating companies for their assistance with this study.
CEIOPS publishes final advice on vast majority of Solvency II Level 2 Implementing Measures
12th November 2009 | Solvency II
Following approval by its Members on 30 October 2009, CEIOPS has delivered its final advice on the vast majority of Solvency II Level 2 Implementing Measures together with a cover letter and a