News

Pensions Council

The Society of Actuaries in Ireland welcomes the Tánaiste’s announcement of the membership of the Pensions Council. 

The Council’s function is to advise the Minister for Social Protection on matters of pensions policy.  Including Brendan Kennedy, Chief Executive of the Pensions Authority, the twelve-person Council includes five of the Society’s Fellow members – the others being Roma Burke, Tony Gilhawley, Sandra Rockett and Dr Shane Whelan – each of whom has a wealth of skills, knowledge and experience to offer. 

The Society has responded to the EIOPA consultation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs). Full details of the consultation are available from http://www.esma.europa.eu/system/files/jc_dp_2014_02_-_priips_discussio…. The Society’s responses is available here.

The Society has today issued a press release welcoming the Government’s decision to establish an expert group to formulate plans for a universal retirement savings scheme for private-sector workers. 

On 10th October 2014, the European Commission adopted a Delegated Act containing implementing rules for Solvency II. This will enter into force once the European Parliament and Council have both approved it, following their scrutiny, for which a maximum period of 6 months can be taken.

The Society has responded to the Discussion Paper on Risk Appetite issued by the Central Bank of Ireland recently. 

The Central Bank of Ireland has published the article  “Reinsurance in Ireland: Development and Issues”  from the Central Bank’s Quarterly Bulletin for Q3 2014.

The Actuarial Association of Europe issued the following press release today:

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 International Actuarial Association (IAA) has published a paper on Stress Testing and Scenario Analysis by the Insurance Regulation Committee.

EIOPA Press Release:

The Minister for Social Protection, Joan Burton T.D., has announced a number of regulatory changes to assist defined benefit schemes as they prepare their funding proposals before the Funding Standard deadline of 30th June 2013.  The regulations will reduce the level of risk reserve that the schemes are required to

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II.