News

Solvency II: Central Bank publishes Irish QIS5 results

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.  

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, 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.

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 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.

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 September edition of the SAI Newsletter is now available by clicking here