News

The European Insurance and Occupational Pensions Authority (EIOPA) published today a potential macroprudential approach to the low interest rate environment in the Solvency II context.
The aim of this publication is to contribute to the discussion on the possible need to develop a macroprudential framework in the insurance sector to promote financial stability in a Solvency II environment.
 
The following three objectives to be targeted by supervisory authorities in the current low interest rate environment are addressed:

The Central Bank of Ireland has published a feedback statement on Consultation Paper 92 Domestic Actuarial Regime and related Governance Requirements under Solvency II.

The consultation period closed on 29 May 2015.

The International Actuarial Association (IAA) is pleased to announce the publication of the paper “Deriving Value from ORSA - Board Perspective” developed by the Joint ORSA Subcommittee of the IAA’s Insurance Regulation and Enterprise and Financial Risk Committees.

The Minister for Justice and Equality, Frances Fitzgerald TD, has published the heads and general scheme of the Civil Liability (Amendment) Bill. The bill will introduce a new model of Periodic Payment Order whereby a Court could decide that catastrophically injured people can receive the cost of future care in the form of index-linked annual payments instead of a lump sum award which is what people must rely on under the present system.

A full press release is available to view here

The Society has responded to the Central Bank of Ireland’s (“the Central Bank”) Consultation Paper 89. This consultation paper sets out proposals in relation to reporting templates which the Central Bank deems necessary to address requirements specific to the local market and/or the nature of insurance undertakings supervised in Ireland and which are not catered for in the set of Solvency II harmonised reporting templates being developed by the European Insurance and Occupational Pensions Authority (EIOPA).

On 10th October 2014, the European Commission adopted a Delegated Act containing implementing rules for Solvency II. This will enter into force once the European Parliament and Council have both approved it, following their scrutiny, for which a maximum period of 6 months can be taken.

The Society has responded to the Discussion Paper on Risk Appetite issued by the Central Bank of Ireland recently. 

The Society has responded to the Department of Justice and Equality consultation on Legislation on Periodic Payment Orders. Details of the Society’s response are available here

The Central Bank of Ireland has published the article  “Reinsurance in Ireland: Development and Issues”  from the Central Bank’s Quarterly Bulletin for Q3 2014.

The Central Bank of Ireland has published Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers (“the Requirements”).

The purpose of the Requirements is to strengthen the reserving framework for non-life insurers and non-life and life reinsurers. The Requirements set out a series of requirements in areas such as the role of Signing Actuary, internal and external audits, reserving policy and issues which should be considered by the Boards when setting the margin for uncertainty.

The Actuarial Association of Europe issued the following press release today: