News

Parliament’s Economic and Monetary Committee rejected as “misleading” and flawed, proposals aimed at providing greater protection to consumers buying packaged financial products, and unanimously voted to send the proposals back to the European Commission.

‘The Future of the State Pension’ was the theme of a major conference hosted today by the Society of Actuaries in Ireland. The conference follows the publication last year of a research report by Milliman on the financial sustainability of the state pension in Ireland. The Society of Actuaries in Ireland and PublicPolicy.ie commissioned this research with a view to stimulating constructive debate on this subject.

Today the European Insurance and Occupational Pensions Authority (EIOPA) published its Opinion on a Common Framework for Risk Assessment and Transparency for Institutions for Occupational Retirement Provision (IORPs).

The Opinion concludes a cycle of almost three years of EIOPA's own-initiative work and is addressed to the EU co-legislators (European Parliament and Council) and the European Commission.

The European Insurance and Occupational Pensions Authority (EIOPA) has published Preparatory Guidelines on Product Oversight and Governance (POG) arrangements to be followed by insurers (manufacturers of insurance products) and distributors.

These Guidelines provide early guidance and support national authorities and market participants with the implementation of POG requirements in preparation for formal requirements provided for in the Insurance Distribution Directive (IDD).

The final version of the “Domestic Actuarial Regime and Related Governance Requirements under Solvency II” is now available on the website of the Central Bank of Ireland (link).

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).

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 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.

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: