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13 Oct 2014

European Commission adopts Solvency II Delegated Act

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.

 

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04 Jul 2014

Retirement Benefit Schemes Transfer Values: Mortality Basis Review

The Demography Committee has prepared a report and recommendations following a review of the mortality assumptions prescribed for use in calculating retirement benefit schemes transfer values. This report has been endorsed by Council and is available on the website here.


Actuarial Standard of Practice PEN-2 “Retirement Benefit Schemes transfer values” (“ASP Pen-2”) sets out the requirements relating to the calculation of individual transfer values payable under the Pensions Act 1990.

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17 Jun 2014

Society of Actuaries publishes response to Dept of Health Consultation on Universal Health Insurance

We, the Society of Actuaries in Ireland, have today published our response to the Department of Health’s Public Consultation on the White Paper on Universal Health Insurance (UHI). 

We are supportive of many aspects of the White Paper, and particularly the continued commitment to developing an efficient healthcare system that will deliver quality services to patients.

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02 Apr 2014

Minister publishes “The Path to Universal Healthcare: White Paper on Universal Health Insurance”

The Minister for Health, James Reilly, T.D.  has published “The Path to Universal Healthcare: White Paper on Universal Health Insurance”. The objective of the Government’s health reform programme is to deliver a single-tier health service, supported by Universal Health Insurance (UHI), where access is based on need, not ability to pay.

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19 Sep 2013

IAA Releases Paper on Stress Testing and Scenario Analysis

The International Actuarial Association (IAA) has published a paper on Stress Testing and Scenario Analysis by the Insurance Regulation Committee.

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17 Sep 2013

CMI publishes 2013 mortality projections

The CMI has published CMI_2013, an updated version of the Mortality Projections Model.  It is accompanied by Working Paper 69, which illustrates the impact of incorporating the latest England and Wales population mortality dataset into the Model.

The Working Paper also summarises the responses to the recent consultation on the future of the Model and the CMI Library of Mortality Projections and outlines the Committee’s reaction and planned next steps.  An updated version of the User Guide has also been issued.

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23 Aug 2013

International Actuarial Association Mortality Working Group - first report

The International Actuarial Association Mortality Working Group (IAAMWG) has published its first report.

The IAAMWG is a group of volunteers who study mortality and monitor studies completed by other organisations worldwide, focusing on the impact on insurance products (including life, pension and living benefits) or on government or world organisation (such as WHO and the UN) sponsored programs.  Mortality experience studies of general populations, insured life and other population subsets are within in the scope of the MWG.

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17 Jun 2013

Results of EIOPA Long-Term Guarantee Assessment

EIOPA Press Release:

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28 Mar 2013

EIOPA consults on Guidelines on preparing for Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II.

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21 Mar 2013

Not shopping for an annuity could cost British retirees £237m this year

According to Association of British Insurers’ figures 50% of the 400,000 people a year who purchase an annuity do not search the market for the best deal. The consultancy’s analysis of annuity data found that, based on the difference between the average and best annuity rates available on an average £40,000 pension pot, these people would be missing out on income worth over £237m in total over a 22-year retirement.

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21 Mar 2013

Britain ‘not ready for ageing population’

Britain is ‘woefully underprepared’ for the consequences of an ageing society and could face a series of age-related crises, a House of Lords committee has warned.

The committee’s report, “Ready for ageing”, suggests that private sector employers, government and the financial services industry must work together to tackle the ‘serious deficit’ in defined contribution pensions.
It called on the government to work with the financial sector to support the growth of a ‘safe, easy-to-understand equity release market’.

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