News

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

Gabriel Bernardino, Chairman of EIOPA, delivered the keynote speech at the  Seminar of the Actuarial Association of Europe on the need for an integrated network of supervisory authorities, close cooperation between supervisors and consistent supervisory practices.

The full text of this speech is available at https://eiopa.europa.eu/press-room/speeches-presentations-and-interview….

At the request of the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA) has issued a Report on the prudential regulations and consumer protection measures needed to create a single market for personal pensions.

EIOPA’s analysis has revealed that taxation, social law and difficulties in the area of harmonisation of contract law appear to be the most significant hurdles.

EIOPA has identified two main options for creating the single market for personal pensions.

The Pensions Board has published a synopsis of the main points made in submissions it received in response to its consultation paper on the future structure and regulation of defined contribution (DC) pensions.  The Board received 44 written submissions in total of which 6 were from individuals and 38 were from organisations/schemes.

The Society of Actuaries in Ireland is recommending to Government that a mandatory pension system should be developed over the next 5 years for all workers as the best way of increasing private pensions coverage and improving the adequacy of pensions for individuals in Ireland. 

The Society’s position paper is available here.

The European Insurance and Occupational Pensions Authority (EIOPA) has set up the timeline for the delivery of the Solvency II Implementing Technical Standards (ITS) and Guidelines.

The overall goal of the project is to deliver the regulatory and supervisory framework for the technical implementation of the Solvency II regime from the first day of application, 1 January 2016. It is of high importance to ensure a timely and proportionate application of Solvency II. 

The European Insurance and Occupational Pensions Authority (EIOPA) has established an area on its website dedicated to the stress test exercise 2014 for the insurance sector.

Attached below is the December 2013 SAI Newsletter.  The following articles are included:

• Christmas Drinks and Charity Table Quiz
• Results of CPD Survey
• Fellowship Ceremony & Maths Tutorial Intiative
• Round-up of Society CPD meetings
• Reform of Defined Benefit Legislation
• Solvency II Committee
• Interview with Conor O’Neill
• Gala Ball
• Student 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 Society of Actuaries in Ireland has responded to a consultation by the UK Institute and Faculty of Actuaries on a proposed Actuarial Profession Standard (APS) on “The Actuary as an Expert”. 

The proposed APS is principles-based and provides a framework to be followed by members of the Institute and Faculty when acting as an expert witness or expert advisor in legal proceedings or proceedings of a legal nature (whether in the UK or elsewhere).

The European Insurance and Occupational Pensions Authority (EIOPA) has published results of its Survey on Crisis Prevention, Management and Resolution Preparedness of national supervisory authorities (NSAs) with regard to the insurance sector.

The Minister for Social Protection, Joan Burton, has announced a package of legislative measures to address the situation where an underfunded DB pension scheme winds up or elects to restructure.  The legislation is due to be published and enacted in the coming weeks.