News

The European Insurance and Occupational Pensions Authorities (EIOPA) has launched the Call for Expression of Interest regarding the setting up of EIOPA Stakeholder Groups, the Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational Pensions Stakeholder Group (OPSG), following the expiration of their mandates early next year.

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Good Practices Report on transferability of supplementary pension rights. With this Report, EIOPA identifies the main impediments to cross-border and national transfers as well as a number of good practices to overcome these. This would create more transparency in the interest of consumers and facilitate the internal market for supplementary pension rights.

EIOPA outlines three key areas which – if addressed – could significantly facilitate the transferability of supplementary pension rights:

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Note entitled “Need for high quality public disclosure: Solvency II’s report on solvency and financial condition and the potential role of external audit”. The purpose of this Note is to stress the importance of high quality public information and the relevant use of external audit services in relation to Solvency II public disclosures.

EIOPA has published the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The set covers different areas from all three Solvency II pillars (quantitative basis; qualitative requirements; reporting and disclosure).  The ITS and Guidelines were finalised following the public consultation earlier this year, during which EIOPA received over 4500 comments.

With this publication EIOPA takes a further step towards ensuring the timely implementation of Solvency II.

The Mortality Working Group (MWG) exists to study mortality and monitor studies completed by other organizations worldwide, to make this information available to actuaries and others worldwide, and to contribute to and organize other opportunities for communication where appropriate.

The International Actuarial Association (IAA) is pleased to announce the publication of the paper “Deriving Value from ORSA - Board Perspective” developed by the Joint ORSA Subcommittee of the IAA’s Insurance Regulation and Enterprise and Financial Risk Committees.

The Actuarial Association of Europe (“AAE”) has today published its discussion paper “Clarity before Solvency” on the application of market consistency to pension funds in Europe.

The purpose of this paper is to discuss from an independent, actuarial, point of view:

The AAE has carried out a survey amongst its Member Associations on the methods by which an individual can access his/her entitlement to retirement benefits. 16 AAE member organisations contributed to the survey.

The survey serves two purposes. One being to inform the European Commission’s Directorate General for Employment, Social Affairs and Inclusion about the decumulation landscape in the EU and the other being to provide a directional steer on best practice and main common challenges within the various markets for retirement benefits.

The Actuarial Association of Europe (“AAE”) has published a “Report on key issues for setting up national pension tracking services in six EU countries”.

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.

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