News

The European Insurance and Occupational Pensions Authority (EIOPA) published today the final Guidelines for the preparation of Solvency II. The Guidelines were finalized following the public consultation earlier this year, during which EIOPA received over 4000 comments.

The European Insurance and Occupational Pensions Authority (EIOPA) published today the final report on the results of its two peer reviews on internal models.

The purpose of the peer reviews was to assess the practices of supervisors and colleges related to the review of internal models during the pre-application process.  Both peer reviews cover supervisory practices in 24 Member States.

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 Groupe Consultatif Actuariel Européen has published a booklet titled “the Role of the Actuary under Solvency II, Raising the bar on insurance technical expertise.”

The booklet states that Actuaries can play a significant role in giving senior management and boards of directors the support they need under Solvency II - not just within the Actuarial Function, but in a number of other areas within insurance management and oversight.

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.

On 16 May 2012, the European Commission published a proposed directive of the European Parliament and the Council in order to amend the deadline for the transposition and subsequent implementation of the Solvency II Framework Directive (Directive 2009/138/EC).
 
The proposed Directive says:

The plenary vote on Omnibus II in the European Parliament has been rescheduled from 17 April 2012 to 2 July 2012.  Read Central Bank of Ireland update. 

The Groupe Consultatif's first European Congress of Actuaries - ECA 2012 - will take place in Brussels on 7/8 June 2012. The theme is The Future European Actuary. This Congress aims to attract actuaries working in industry, consulting and academia, as well as other financial professionals, politicians and others interested in the future of risk management in Europe. The programme will include speakers from the European Parliament and Commission, supervisory authorities, rating agencies, and other fields.