News

The Society of Actuaries in Ireland has responded to a “Consultation on Impact Metrics for the Risk Based Supervision of Financial Firms by the Central Bank and on Impact Based Levies”.

The Society has responded to the Central Bank of Ireland consultation paper on “Review of the Consumer Protection Code”.

Read the consultation paper 

Read the Society’s response 

The Society has responded to a European Commission consultation on insurance guarantee schemes.
 
Consultation documents
 
Submission

Submission to Financial Regulator on Investment Guarantees

The Financial Regulator published a consultation paper during the summer on “Investment Guarantees – Guidance on Reserving and Risk Governance”. 

The Financial Regulator has published a consultation paper on "Corporate Governance Requirements for Credit Institutions and Insurance Undertakings".

The paper attempts to align corporate governance requirements with recent international regulatory initiatives in the governance field and proposes minimum standards that credit institutions and insurance undertakings will be expected to meet in this area.

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

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,

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.

CEIOPS has published its Solvency II consultation paper on the Pre-Application Process for Internal Models.

CEIOPS Members have agreed to set up a specialized Task Force led by the CEIOPS Secretariat to deliver on the 5th Quantitative Impact Study (QIS 5), the final Quantitative Impact Study under Solvency II.