News

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 of Actuaries in Ireland has issued a statement welcoming the "sovereign annuities" initiative introduced in the Dáil last week. 

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has announced its completion of the first phase of the fifth Solvency II Quantitative Impact Study (QIS5).

IAA News Release:

The International Actuarial Association is pleased to announce the completion of the paper Note on the Use of Internal Models for Risk and Capital Management Purposes by the Solvency Subcommittee of the Insurance Regulation Committee.

An expert working group on medical negligence litigation, chaired by High Court Judge Mr Justice John Quirke and including Mr James Kehoe, Fellow, Society of Actuaries in Ireland, has reported that the current system of awarding lump sum payments for damages for future care needs in medical negligence, and all other cases where catastrophic injuries are awarded damages, is inadequate and inappropriate.

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

The Society of Actuaries in Ireland has stressed that it is vital that the ambitious deadline set for the potentially far-reaching review of defined benefit pension schemes announced recently by Minister Ó Cuív is delivered upon and a new protection system is put in place promptly.

The Society has issued a briefing statement on the “sovereign annuities” concept that has attracted media attention recently.

The Central Bank of Ireland has issued the second edition of their Solvency II Newsletter, ” Solvency II Matters - Issue 2.  There are a number of important updates in this issue, including updates on the process for submitting QIS5 results, an overview of the Internal Model pre-application process and guidance on Article 4 of the Directive.  Any feedback on the newsletter or suggestions for future topics sho

With the Society’s assistance, the Central Bank of Ireland held a number of QIS 5 workshops in September, to aid companies in understanding the requirements of QIS 5 and completing the associated spreadsheets.  The workshops were aimed at all professionals involved in completing QIS 5.  They tried to address issues that firms had initially encountered and identified with the technical specification and spreadsheets.