News

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

The International Actuarial Association has issued a “Request for Proposals to prepare an Educational Monograph on the Topic of Issues Associated with the Determination of Discount Rates for Financial Reporting Purposes”. 

The deadline for responding to the RFP is 15th July, 2010.

Request for Proposals

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,

The Society has today issued a proposed Code of Professional Conduct for member consultation.  Members are invited to submit comments by Friday, 25th June, 2010.

 
Read the proposed Code and get details of the consultation process here (member log-in required). 

We are delighted to announce that, in Cape Town last night, the Society of Actuaries in Ireland (SAI) entered into an agreement with the Actuarial Society of South Africa  (ASSA) on mutual recognition of qualifications.  This will benefit Fellows and Associates of each of the Societies who wish to practice in the other country.
 
A Fellow or Associate of the SAI may apply to become a Fellow or Associate of the ASSA if he or she:

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

Newsletter February 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.

Ms Jane Curtis FIA has been elected as President-Elect of the Institute of Actuaries at a meeting of the Institute Council.  Ms Curtis is currently a Vice-President of the Institute and a member of the Institute’s Professional Regulation Executive Committee.