News

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

The European Commission has adopted a Green Paper that launches a three-month public consultation on how to foster the supply of long-term financing and how to improve and diversify the system of financial intermediation for long-term investment in Europe.

Full details are available here.

The requirements you need to fulfil for the CERA qualification changed from September 2012.

For those taking the ST9 exam after 1 September 2012, you also need to attend a seminar in order to receive the qualification.

More information is available here

There are going to be some important changes for the April 2013 exams.

These include:

• The launch of electronic exam entry permits;
• A new style exam paper and answer booklet;
• The need to write in black ballpoint ink only and
• Scanning of exam answer booklets for marking purposes.

Please make sure you read this important information so as to be aware of the changes and to ensure that your script can be marked.

Since 2010, the UK Institute and Faculty of Actuaries has been permitted to award the Chartered Enterprise Risk Actuary (CERA) qualification to those of its Associates and Fellows who have passed  its ST9 Enterprise Risk Management (ERM) Specialist Technical examination (and, from September 2012, have also attended a one day seminar).

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 International Actuarial Association (IAA) approved its first International Standard of Actuarial Practice, ISAP 1, on General Actuarial Practice, at its Council meeting in November 2012.  An ISAP is a model standard which the IAA encourages actuarial standard-setting bodies to consider.   

Description

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.

The Society of Actuaries in Ireland has decided to establish a "Wider Fields" Member Interest Group.
 
This will be similar to the UK Actuarial Profession's Resource and Environment Member Interest Group (see http://www.actuaries.org.uk/members/pages/resource-and-environment-memb…) except that it will have a wider remit.