News

EIOPA Press Release:

The European Insurance and Occupational Pensions Authority (EIOPA) has published its Survey of EU practice on default investment options.

The survey was conducted as a follow up to EIOPA advice to the European Commission on the review of the IORP Directive, which stated that:

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II.

The Pensions Board has published investment guidelines for trustees of defined contribution pension schemes. These guidelines aim to help trustees in deciding which investment choices to make available for scheme members.

Commenting on the guidelines, the Chief Executive of The Pensions Board, Brendan Kennedy, said:

The Groupe Consultatif Actuariel Européen has published a paper titled “Comparison of the Regulatory Approach in Insurance and Banking in the Context of Solvency II”.  The principal author is Mairead O’Shea, a Fellow of the Society of Actuaries in Ireland. 

“Executive Summary

The Groupe Consultatif Actuariel Européen has published a paper on Market Consistency.  The paper summarises the key principles underlying market consistent valuations of assets and liabilities.  Its underlying aim is to help actuaries and others best interpret the concept of market consistency in contexts where several possible valuation approaches are or might be proposed.

From the UK Financial Reporting Council today (30th January 2012):

ASB issues revised proposals for the Future of Financial Reporting Standards in the UK & Republic of Ireland

The Accounting Standards Board (ASB) of the Financial Reporting Council has today published financial reporting exposure drafts (FREDs) 46 to 48 setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland.

Brussels - It is in the interest of consumers that insurance markets provide affordable and accessible insurance. However, if risk factors such as age and disability should be ruled discriminatory, as was the case for gender in the landmark ruling of the European Court of Justice in March 2011, certain types of insurance cover could become unavailable, according to the Groupe Consultatif Actuariel Européen.