News

On the 30th September Deputy Governor of the Central Bank of Ireland, Cyril Roux, provided the keynote address on Cyber Risk at the Society’s annual “Risk Management Perspectives” Conference.

Stating that cybersecurity and cyber risk is rapidly moving up the Central Bank’s supervisory agenda, the Deputy Governor spoke on the following topics as part of his address:

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).

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 European Insurance and Occupational Pensions Authority (EIOPA) has published its ninth report on market developments with regard to occupational pensions and cross-border activities of institutions for occupational retirement provisions (IORPs).

The report provides a comprehensive overview of the European occupational pensions landscape for the period of June 2014 - June 2015.

The results of the report show that during the reporting period the number of active cross-border IORPs rose from 75 to 76.

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 Society has responded to the Central Bank of Ireland’s Consultation Paper 92: “Consultation on Domestic Actuarial Regime and Related Governance Requirements under Solvency II”.

The response includes the following comments:

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.

Attached below is the March 2015 SAI Newsletter.  Included in this edition are articles on:

• SAI President’s Biennial Dinner
• Risk Management Perspectives Conference
• Member Proposition
• SAI Golf Society
• Continuing Professional Development Update
• Question Time
• Fellowship Ceremonies
• Student News

The Society congratulates Philip Shier, Past President of the Society, on his election as chair of the European Insurance and Occupational Pensions Authority’s (EIOPA) pension stakeholder group. 

Dermot Corry’s address to members and guests at the Society’s President’s Dinner on 12th February 2015 is available below.

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: