News

05 Dec 2012

Groupe Consultatif publishes paper on Market Consistency

The Groupe Consultatif Actuariel Européen has published a paper on Market Consistency. The paper summarises the key principles underlying market consistent valuations of assets and liabilities. Its underlying aim is to help actuaries and others best interpret the concept of market consistency in contexts where several possible valuation approaches are or might be proposed.

30 Jan 2012

ASB issues proposals on Financial Reporting Standards

From the UK Financial Reporting Council today (30th January 2012):

ASB issues revised proposals for the Future of Financial Reporting Standards in the UK & Republic of Ireland

The Accounting Standards Board (ASB) of the Financial Reporting Council has today published financial reporting exposure drafts (FREDs) 46 to 48 setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland.

06 Dec 2011

Groupe Consultatif says that consumers will suffer if antidiscrimination goes too far with insurance

Brussels - It is in the interest of consumers that insurance markets provide affordable and accessible insurance. However, if risk factors such as age and disability should be ruled discriminatory, as was the case for gender in the landmark ruling of the European Court of Justice in March 2011, certain types of insurance cover could become unavailable, according to the Groupe Consultatif Actuariel Européen.

01 Mar 2011

Society issues press release on Gender Directive ruling

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.

01 Mar 2011

Society responds to consultation on Impact Metrics for Risk Based Supervision

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”.

11 Jan 2011

Society responds to Central Bank consultation on Consumer Protection Code

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

25 Nov 2010

IAA Releases Note on Internal Models

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.

25 Nov 2010

Expert Working Group publishes Report on Medical Negligence and Periodic Payments

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.

23 Nov 2010

Society submits comments to European Commission on Insurance Guarantee Scheme

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

Consultation documents

Submission

15 Sep 2010

Submission to Health Insurance Authority on Minimum Benefit Regulations

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

30 Aug 2010

Submission to Health Insurance Authority on Risk Equalisation

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

18 May 2010

UK Actuarial Profession commissions research on mortality/longevity/morbidity

The UK Actuarial Profession wishes to commission research in the area of modelling and understanding heterogeneity in mortality and morbidity risk which has an impact in areas of actuarial interest.

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