News

11 Dec 2012

Institute & Faculty of Actuaries publishes Longevity Bulletin

Issue four of the Institute and Faculty of Actuaries Longevity Bulletin explores the data that evidences that we are all living longer but questions how healthy we are during those extra years.

From Philip Scott, President of the Institute and Faculty:

"In the past longer life was generally driven by better health. However data collected over the last twenty years highlights that life expectancy and healthy life expectancy are not one and the same.

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.

13 Jan 2012

Society responds to consultation on EU-wide legislative framework for IORPs

In April 2011, the European Commission asked EIOPA for advice on the EU-wide legislative framework for IORPs (Institutions for Occupational Retirement Provision).

17 Nov 2011

Society publishes Position Paper on Taxation of Private Pension Provision

The Society of Actuaries in Ireland has published a position paper on “Taxation of Private Pension Provision”.

The primary purpose of the paper is to examine the effect of reducing the tax relief on pension contributions made by individuals.

Individuals currently receive tax relief at their marginal income tax rate on pension contributions. The National Recovery Plan 2011-2014 proposes to change the tax relief from the individual’s marginal tax rate to the standard tax rate of 20% by 2014.

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.

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

21 Dec 2010

Society issues statement on "sovereign annuities"

The Society of Actuaries in Ireland has issued a statement welcoming the "sovereign annuities" initiative introduced in the Dáil last week.

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.

11 Nov 2010

Society says that fundamental review of defined benefit pension system is long overdue

The Society of Actuaries in Ireland has stressed that it is vital that the ambitious deadline set for the potentially far-reaching review of defined benefit pension schemes announced recently by Minister Ó Cuív is delivered upon and a new protection system is put in place promptly.

08 Nov 2010

Sovereign Annuities

The Society has issued a briefing statement on the “sovereign annuities” concept that has attracted media attention recently.

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

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