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03 Sep 2014

SAI response to the Department of Justice and Equality consultation on Legislation on Periodic Payment Orders

The Society has responded to the Department of Justice and Equality consultation on Legislation on Periodic Payment Orders. Details of the Society’s response are available here

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28 Jul 2014

Reinsurance in Ireland: Development and Issues

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.

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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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10 Dec 2013

Society responds to Central Bank consultation on Reserving & Pricing Requirements

The Society of Actuaries in Ireland has today responded to the Central Bank of Ireland “Consultation on Requirements for Reserving and Pricing for Non-Life Insurers and Reinsurers” (Consultation Paper CP 73).   

The Society supports many aspects of the proposals, such as the improved governance of the reserving process for non-life direct insurance business.

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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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