News

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.

EIOPA published a speech by Gabriel Bernardino, Chairman of EIOPA, at the AMICE Congress 2014 in Nice.

Click here to read the speech.

The European Insurance and Occupational Pensions Authority (EIOPA) has published its Annual Report 2013.

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

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.

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:

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….

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 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.

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.

The European Insurance and Occupational Pensions Authority (EIOPA) has established an area on its website dedicated to the stress test exercise 2014 for the insurance sector.