News

The Society of Actuaries in Ireland has today responded to the Central Bank of Ireland “Consultation on Requirements for Reserving and Pricing for Non-Life Insurers and Reinsurers” (Consultation Paper CP 73).   

The Society supports many aspects of the proposals, such as the improved governance of the reserving process for non-life direct insurance business.

The International Actuarial Association (IAA) has published a paper on Stress Testing and Scenario Analysis by the Insurance Regulation Committee.

EIOPA Press Release:

The Minister for Social Protection, Joan Burton T.D., has announced a number of regulatory changes to assist defined benefit schemes as they prepare their funding proposals before the Funding Standard deadline of 30th June 2013.  The regulations will reduce the level of risk reserve that the schemes are required to

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

In its report on "Design and Delivery of Defined Contribution (DC) Pension Schemes - Policy Challenges and Recommendations", the OECD summarises the challenges policymakers face and recommends key improvements that can help to ensure DC delivers the incomes that individuals need.

The Groupe Consultatif has published a position paper on the draft Pensions Portability Directive which is presently under preparation in the EU. 

The objective of the paper is to set out for EU institutions and stakeholders the views of the actuarial profession on this subject.

Read the position paper

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

Issue four of the Institute and Faculty of Actuaries Longevity Bulletin explores the data that evidences that we are all living longer but questions how healthy we are during those extra years.

From Philip Scott, President of the Institute and Faculty:

"In the past longer life was generally driven by better health. However data collected over the last twenty years highlights that life expectancy and healthy life expectancy are not one and the same.

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.

In April 2011, the European Commission asked EIOPA  for advice on the EU-wide legislative framework for IORPs (Institutions for Occupational Retirement Provision).

The European Commission has published guidelines on the application of the Council Directive 2004/113/EC (the “Gender Directive”) to insurance, in the light of last year’s judgment of the Court of Justice of the European Union in Case C-236/09 (Test-Achats).

Article 5(1) of the Gender Directive provides that, for new insurance and other financial services contracts concluded after 21st December 2007, the use of gender as an actuarial factor in the calculation of premiums and benefits must not result in differences in individuals’ premiums and benefits.