STUDIES IN IRISH DEMOGRAPHY EXPERIENCE
From time to time, the Society of Actuaries in Ireland carries out investigations into the mortality and morbidity experience of insured lives and pensioners. Details of past studies are available here.
The Society has now decided to initiate further Studies in Irish Demography Experience (SIDE), with a view to developing Irish mortality and morbidity tables once sufficient credible data has been collated from participating life offices and pension schemes.
These tables will be of benefit to both actuaries and other practitioners in the life and pensions sectors. For example, they will be of benefit to life offices in meeting Solvency II requirements on the determination of appropriate assumptions for technical provisions and more generally in monitoring trends in mortality experience for product pricing, internal models and other purposes. The tables will also facilitate the calculation of pension scheme contribution rates and the continued development of professional actuarial guidance on, for example, reserving for long-term liabilities, determining pension scheme transfer values and carrying out benefit projections relating to savings and investment contracts.
We have written to life offices and pension consultancies in this regard, to outline the SIDE initiative more fully and to invite them to participate. If you work in such an organisation and think that you would normally be the contact person for such information but have not heard from us, please let us know and we will follow up.
REQUEST FOR PROPOSALS
The Society intends to engage a third party organisation to provide administrative and consulting services to support the SIDE initiative.
The services required will include:
o Data collection, validation and analysis;
o Training participant organisations in the collation and submission of appropriate data;
o Statistical support, including modelling of crude mortality and morbidity rates, performing graduations, constructing mortality and morbidity tables, carrying out comparisons with the results of other relevant investigations, and providing technical advice on the analysis of data and reporting of findings;
o Accounting services such as collecting payments from participating organisations;
o Other administrative services, such as organising and keeping records of committee meetings and preparing reports on the investigation results.
Organisations that are interested in providing the required services should contact the Society to receive a copy of the Request for Proposals (RFP). This includes more detail on the requirements.
Responses to the RFP must be received by the Society no later than 5pm on Monday, 21st June 2010.