News

Background
The Society seeks to make an impartial contribution to public debate on social policy and public interest matters where an actuarial perspective can add value.  In this context, the Society has decided to commission research as set out below.

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.

The European Commission has published guidelines on the application of the Council Directive 2004/113/EC (the “Gender Directive”) to insurance, in the light of last year’s judgment of the Court of Justice of the European Union in Case C-236/09 (Test-Achats).

Article 5(1) of the Gender Directive provides that, for new insurance and other financial services contracts concluded after 21st December 2007, the use of gender as an actuarial factor in the calculation of premiums and benefits must not result in differences in individuals’ premiums and benefits.

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.

Paul O'Faherty presented his Presidential Address on 22nd September.

Paul chose the theme of “Relevance in a time of change and turmoil” and opened by asking the question, “Through all the economic turmoil in Ireland, it’s certainly worth asking ourselves individually and collectively as actuaries - how relevant have we been in these most difficult of times?”