News

IAA News Release:

The International Actuarial Association is pleased to announce the completion of the paper Note on the Use of Internal Models for Risk and Capital Management Purposes by the Solvency Subcommittee of the Insurance Regulation Committee.

Submission to Financial Regulator on Investment Guarantees

The Financial Regulator published a consultation paper during the summer on “Investment Guarantees – Guidance on Reserving and Risk Governance”. 

STUDIES IN IRISH DEMOGRAPHY EXPERIENCE

The UK Actuarial Profession wishes to commission research in the area of modelling and understanding heterogeneity in mortality and morbidity risk which has an impact in areas of actuarial interest.

The Financial Regulator has published a consultation paper on "Corporate Governance Requirements for Credit Institutions and Insurance Undertakings".

The paper attempts to align corporate governance requirements with recent international regulatory initiatives in the governance field and proposes minimum standards that credit institutions and insurance undertakings will be expected to meet in this area.

The Financial Regulator has published a consultation paper on Investment Guarantees - Guidance on Reserving and Risk Governance
 

In an address to a Financial Regulator Solvency II Insurance Forum this week, Jonathan McMahon, Assistant Director General, Financial Institutions Supervision, urged companies to allocate significant resources to the implementation of Pillar 2 (risk management and governance) and Pillar 3 (supervisor reporting and disclosure) of the Solvency II framework.  He commented that the implementation of Basel II (The Capital Requirements Directive) led banks and regulators to place too much importance on models and their outputs.  He stressed that, while high quality models are important,

Actuaries broadly welcome the National Pensions Framework.  See announcement from Department of Social and Family Affairs here.

See below for the Press Release from SAI.

Click here to listen to Aisling Kennedy's interview on Morning Ireland - 4th March 2010

Mr Bill Prasifka, currently Chairman of the Competition Authority, has been appointed as Financial Services Ombudsman.  He replaces Mr Joe Meade, who retired last month.

It is expected that Mr Prasifka will take up his appointment by the end of March 2010 or soon thereafter. Mr PJ Fitzpatrick will remain as Interim Ombudsman until then.

CEIOPS  has published its third and final set of Advice on Solvency II Level 2 Implementing Measures following formal approval by CEIOPS Members, together with a

CEIOPS has published its Solvency II consultation paper on the Pre-Application Process for Internal Models.

CEIOPS Members have agreed to set up a specialized Task Force led by the CEIOPS Secretariat to deliver on the 5th Quantitative Impact Study (QIS 5), the final Quantitative Impact Study under Solvency II.