News

The Society has responded to the EIOPA (formerly CEIOPS) consultation paper CP83, “Draft Report on Variable Annuities”.

We welcomed the Draft Report and expressed support for a substantial majority of the recommendations made in it.

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.

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

Submission to Financial Regulator on Investment Guarantees

The Financial Regulator published a consultation paper during the summer on “Investment Guarantees – Guidance on Reserving and Risk Governance”. 

STUDIES IN IRISH DEMOGRAPHY EXPERIENCE

The Management Board of the UK Actuarial Profession has identified enterprise risk management (ERM) as an area of growth, particularly within the financial sector.

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.

The Financial Regulator has published a consultation paper on "Corporate Governance Requirements for Credit Institutions and Insurance Undertakings".

The paper attempts to align corporate governance requirements with recent international regulatory initiatives in the governance field and proposes minimum standards that credit institutions and insurance undertakings will be expected to meet in this area.

The Financial Regulator has published a consultation paper on Investment Guarantees - Guidance on Reserving and Risk Governance
 

In an address to a Financial Regulator Solvency II Insurance Forum this week, Jonathan McMahon, Assistant Director General, Financial Institutions Supervision, urged companies to allocate significant resources to the implementation of Pillar 2 (risk management and governance) and Pillar 3 (supervisor reporting and disclosure) of the Solvency II framework.  He commented that the implementation of Basel II (The Capital Requirements Directive) led banks and regulators to place too much importance on models and their outputs.  He stressed that, while high quality models are important,

Actuaries broadly welcome the National Pensions Framework.  See announcement from Department of Social and Family Affairs here.

See below for the Press Release from SAI.

Click here to listen to Aisling Kennedy's interview on Morning Ireland - 4th March 2010