News

For the last 6 years, the Actuarial Association of Europe (AAE) and the International Actuarial Association (IAA) have organized a discussion forum together with two important international bodies - the International Labour Organization (ILO), and the International Social Security Association (ISSA). The purpose of this forum is to exchange views on current projects and issues, and to seek further areas of collaboration - all to help improve the soundness of decisions being made on societal issues having a global impact.

The Actuarial Association of Europe has issued a new edition of 'The European Actuary' magazine.

Click here to read the latest edition.

Draft legislation designed to protect retail investors was rejected by MEPs on Wednesday as so “flawed and misleading” that it could actually lose them money. Unusually, it will be returned to the EU Commission for revision.

MEPs passed a resolution calling for changes .to legislation on “packaged retail and insurance-based investment products” (PRIIPs) -- a market worth up to €10 trillion in Europe - by 602 votes to 4, with 12 abstentions.

Retail investors typically use PRIIPs to generate funds to pay a mortgage or for their children’s education.

Parliament’s Economic and Monetary Committee rejected as “misleading” and flawed, proposals aimed at providing greater protection to consumers buying packaged financial products, and unanimously voted to send the proposals back to the European Commission.

‘The Future of the State Pension’ was the theme of a major conference hosted today by the Society of Actuaries in Ireland. The conference follows the publication last year of a research report by Milliman on the financial sustainability of the state pension in Ireland. The Society of Actuaries in Ireland and PublicPolicy.ie commissioned this research with a view to stimulating constructive debate on this subject.

Today the European Insurance and Occupational Pensions Authority (EIOPA) published its Opinion on a Common Framework for Risk Assessment and Transparency for Institutions for Occupational Retirement Provision (IORPs).

The Opinion concludes a cycle of almost three years of EIOPA's own-initiative work and is addressed to the EU co-legislators (European Parliament and Council) and the European Commission.

The European Insurance and Occupational Pensions Authority (EIOPA) has published Preparatory Guidelines on Product Oversight and Governance (POG) arrangements to be followed by insurers (manufacturers of insurance products) and distributors.

These Guidelines provide early guidance and support national authorities and market participants with the implementation of POG requirements in preparation for formal requirements provided for in the Insurance Distribution Directive (IDD).

The final version of the “Domestic Actuarial Regime and Related Governance Requirements under Solvency II” is now available on the website of the Central Bank of Ireland (link).

The International Actuarial Association (IAA) has announced the publication of a paper on Actuarial Aspects of ERM for Insurance Companies by the Enterprise and Financial Risk Committee (EFRC).

On the 30th September Deputy Governor of the Central Bank of Ireland, Cyril Roux, provided the keynote address on Cyber Risk at the Society’s annual “Risk Management Perspectives” Conference.

Stating that cybersecurity and cyber risk is rapidly moving up the Central Bank’s supervisory agenda, the Deputy Governor spoke on the following topics as part of his address:

The Actuarial Association of Europe (AAE) has appointed Philip Shier as its new Chairperson.

Philip Shier is a member of the Society of Actuaries in Ireland and a Past President of the Society.  The Society congratulates Philip on his appointment.

AAE Press Release is here.