News

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Note entitled “Need for high quality public disclosure: Solvency II’s report on solvency and financial condition and the potential role of external audit”. The purpose of this Note is to stress the importance of high quality public information and the relevant use of external audit services in relation to Solvency II public disclosures.

The Demography Committee has prepared a report and recommendations following a review of the mortality assumptions used in converting a retirement fund into an annuity as prescribed in the following Actuarial Standards of Practice:

EIOPA has published the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The set covers different areas from all three Solvency II pillars (quantitative basis; qualitative requirements; reporting and disclosure).  The ITS and Guidelines were finalised following the public consultation earlier this year, during which EIOPA received over 4500 comments.

With this publication EIOPA takes a further step towards ensuring the timely implementation of Solvency II.

The Mortality Working Group (MWG) exists to study mortality and monitor studies completed by other organizations worldwide, to make this information available to actuaries and others worldwide, and to contribute to and organize other opportunities for communication where appropriate.

The International Actuarial Association (IAA) is pleased to announce the publication of the paper “Deriving Value from ORSA - Board Perspective” developed by the Joint ORSA Subcommittee of the IAA’s Insurance Regulation and Enterprise and Financial Risk Committees.

The European Insurance and Occupational Pensions Authority (EIOPA) has issued Set 1 of its Solvency II Guidelines in the official languages of the European Union.

The Guidelines cover the following aspects:
 

The Society has responded to the Central Bank of Ireland’s (“the Central Bank”) Consultation Paper 89. This consultation paper sets out proposals in relation to reporting templates which the Central Bank deems necessary to address requirements specific to the local market and/or the nature of insurance undertakings supervised in Ireland and which are not catered for in the set of Solvency II harmonised reporting templates being developed by the European Insurance and Occupational Pensions Authority (EIOPA).

The Society has responded to the  Department of Finance “Public Consultation Paper: Solvency II Directive”

The Society’s response is available here

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.

The European Insurance and Occupational Pensions Authority (EIOPA) has published the Underlying Assumptions in the standard formula for the Solvency Capital Requirement (SCR) calculation.

The paper aims to support supervisors and undertakings in application of the Solvency II Preparatory Guidelines on forward looking assessment of own risks (FLAOR). 

The Central Bank of Ireland has published the article  “Reinsurance in Ireland: Development and Issues”  from the Central Bank’s Quarterly Bulletin for Q3 2014.