News

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 Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs) has finalised its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs). 

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 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 Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA), following an open selection process, appointed new members of the Insurance & Reinsurance (IRSG) and Occupational Pensions (OPSG) Stakeholder Groups.  Tony O’Riordan, a Fellow of the Society, was one of the appointed candidates.

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).

The Society today issued a press release welcoming the coming into force of Solvency II from 1st January 2016.

The Press Release is available here and the Society’s Briefing Statement on Solvency II and the CP92 Requirements is available here.

The Society of Actuaries in Ireland has published a research report on the Financial Sustainability of the State Pension in Ireland.  The report, produced by Milliman, was commissioned by the Society and PublicPolicy.ie, with a view to informing debate and public policy decisions.

Key findings:

The OECD has published Pensions at a Glance 2015. The paper highlights the pension reforms undertaken by OECD and G20 countries over the last two years. It provides an in depth review of the first layer of protection of the elderly, first-tier pension schemes across countries and assesses the impact of short or interrupted careers, due to late entry into employment, childcare or unemployment, on pension entitlements. The paper also analyses the sensitivity of long-term pension replacement rates to parametric changes.