News

The Society has issued a press release highlighting that a sharp decline in female performance at the highest level in Leaving Certificate Higher Level Mathematics since 2012 is likely to create a gender imbalance in STEM careers and in female access to high-points third level courses generally.  This is according to a report prepared by the Society's Gender Pipeline Working Group.

The SAI's Diversity and Inclusion (D&I) Committee organised a pilot Transition Year Work Experience program (the “SAI TY program”) with the aim of introducing the actuarial profession to students from diverse backgrounds. The aim of the program was to reach students who would not normally have access to this type of experience. 

The SAI TY program is an interactive 4-day program for transition year students run by Susan HayesCulleton of The Positive Economist and Savvy Teen Academy, in collaboration with volunteers from the D&I Committee and sponsoring employers.

The Society has made a submitted views to the Pensions Council  on the gender gap in supplementary pensions. The Society submission is here.

The European Insurance and Occupational Pensions Authority (EIOPA) published today a potential macroprudential approach to the low interest rate environment in the Solvency II context.
The aim of this publication is to contribute to the discussion on the possible need to develop a macroprudential framework in the insurance sector to promote financial stability in a Solvency II environment.
 
The following three objectives to be targeted by supervisory authorities in the current low interest rate environment are addressed:

The International Actuarial Association (IAA) has announced the publication of a paper on Actuarial Aspects of ERM for Insurance Companies by the Enterprise and Financial Risk Committee (EFRC).

The OECD has published Pensions at a Glance 2015. The paper highlights the pension reforms undertaken by OECD and G20 countries over the last two years. It provides an in depth review of the first layer of protection of the elderly, first-tier pension schemes across countries and assesses the impact of short or interrupted careers, due to late entry into employment, childcare or unemployment, on pension entitlements. The paper also analyses the sensitivity of long-term pension replacement rates to parametric changes.

The Central Bank of Ireland has published a feedback statement on Consultation Paper 92 Domestic Actuarial Regime and related Governance Requirements under Solvency II.

The consultation period closed on 29 May 2015.

The Actuarial Association of Europe (AAE) has appointed Philip Shier as its new Chairperson.

Philip Shier is a member of the Society of Actuaries in Ireland and a Past President of the Society.  The Society congratulates Philip on his appointment.

AAE Press Release is here.

The European Insurance and Occupational Pensions Authority (EIOPA) has issued the second set of its Solvency II Guidelines in the official languages of the European Union.

The Guidelines cover different areas from all the three Solvency II pillars (quantitative requirements; governance requirements; reporting and disclosure).