News

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.

The Society has responded to a European Commission consultation on insurance guarantee schemes.
 
Consultation documents
 
Submission

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

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.

The Society has responded to a consultation paper from the Health Insurance Authority on “Minimum Benefit Regulations in the Irish Private Health Insurance Market”.

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 due for end-October 2010 (solo) and mid-November 2010 (groups).

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.

CEIOPS have to-day (11 August 2010) issued an errata list for the QIS5 technical specifications, and an updated Q & A document. 

Solvency II – QIS 5 Workshops

The Society of Actuaries in Ireland and the Financial Regulator are currently organising a series of workshops in September on QIS 5 (Qu

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.

The Groupe Consultatif has submitted comments on the draft QIS 5 technical specification to the European Commission.

The paper identifies a number of high-level issues: