News

Attached below is the December 2013 SAI Newsletter.  The following articles are included:

• Christmas Drinks and Charity Table Quiz
• Results of CPD Survey
• Fellowship Ceremony & Maths Tutorial Intiative
• Round-up of Society CPD meetings
• Reform of Defined Benefit Legislation
• Solvency II Committee
• Interview with Conor O’Neill
• Gala Ball
• Student News

The Society of Actuaries in Ireland has responded to a consultation by the UK Institute and Faculty of Actuaries on a proposed Actuarial Profession Standard (APS) on “The Actuary as an Expert”. 

The proposed APS is principles-based and provides a framework to be followed by members of the Institute and Faculty when acting as an expert witness or expert advisor in legal proceedings or proceedings of a legal nature (whether in the UK or elsewhere).

The European Insurance and Occupational Pensions Authority (EIOPA) has published results of its Survey on Crisis Prevention, Management and Resolution Preparedness of national supervisory authorities (NSAs) with regard to the insurance sector.

Attached below is the SAI Newsletter from October 2013,  Included in this edition are articles on:

• the conferring of Honorary Fellowship on Prof Patrick Honohan
• SAI Presidential Address
• ERM Conference
• SAI International Committee
• Question time
• Student section

Governor of the Central Bank, Professor Patrick Honohan has been elected an Honorary Fellow of the Society of Actuaries in Ireland.

Dermot Corry, President of the Society of Actuaries, said that Professor Honohan’s “notable achievements which formed the basis for Council’s decision to confer him with Honorary Fellowship included his role as Governor of the Central Bank where he has taken a key role in stabilising our financial institutions and rebuilding our reputation for financial services regulation”.

The International Association of Insurance Supervisors (IAIS) today announced its plan to develop a risk based global insurance capital standard (ICS) by 2016. Full implementation will begin in 2019 after two years of testing and refinement with supervisors and internationally active insurance groups (IAIGs).

The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA), following an open selection process, has appointed the members of its Insurance & Reinsurance (IRSG) and Occupational Pensions Stakeholder Groups (OPSG).

Seamus Creedon  and  Philip Shier, members of the Society of Actuaries in Ireland,  were nominated by the Groupe Consultatif  and have been appointed as members of the  IRSG and the OPSG respectively.

Dermot Corry, President of the Society of Actuaries in Ireland, has called for reform of Pensions Structures in his Presidential Address on 19th September 2013.

Click here to read the full press release

The Central Bank of Ireland today (Wednesday 21st August) announced the appointment of Cyril Roux as Deputy Governor, Financial Regulation.

An actuary by profession, Mr Roux will be responsible for all regulatory activities at the Central Bank. He is currently the First Deputy Secretary General of the French prudential supervisory authority for banks and insurance companies (Autorité de Contrôle Prudentiel et de Résolution ACPR). The Minister for Finance has welcomed the appointment.

The Central Bank of Ireland has published 'Feedback Statement on CP61' relating to proposed changes to the basis for calculating the industry funding levy payable by regulated entities and other levy-related matters.

This feedback statement outlines the main themes which emerged from submissions received and the Bank's response thereto. It also sets out the changes to be implemented and the estimated impact of proposed reforms on annual levies payable by regulated entities.

The Society of Actuaries in Ireland today issued a joint press release and statement, together with IBEC, ICTU and IAPF,  calling for government action to save thousands of workers from pensions hardship.