News

The Financial Regulator has published a consultation paper on Investment Guarantees - Guidance on Reserving and Risk Governance
 

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,

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:

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

The Society welcomes an announcement from Minister for Social and Family Affairs, Mary Hanafin, that the National Pensions Framework will be published next Wednesday, 3rd March, at 2.30pm.

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.

The Pensions Board has published its Review of 2009  – a fact sheet and commentary giving an overview of the pensions sector and the Board’s activities for 2009. 

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

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. 

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

CEIOPS has published its Solvency II consultation paper on the Pre-Application Process for Internal Models.

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.