News

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.

The September edition of the SAI Newsletter is now available by clicking here

The Society has responded to a consultation paper from the Health Insurance Authority on “Minimum Benefit Regulations in the Irish Private Health Insurance Market”.

The Health Insurance Authority’s recent consultation paper on “Risk Equalisation in the Irish Private Health Insurance Market” invites input on the risk factors to be taken into account in a risk equalisation scheme, such as age, gender and health status.  In the Society’s response to the paper, we emphasise that decisions on risk factors should have regard to, and be consistent with, the objectives of the scheme.  The Society is in favour of a risk equalisation system that encourages competition and new insurers.  It would not be necessary to allow for health status in such

CEIOPS publishes the main spreadsheet to be used by solo undertakings and groups to complete their QIS5 submission due for end-October 2010 (solo) and mid-November 2010 (groups).

The Financial Regulator has issued the first edition of their Solvency II Newsletters, which they plan to issue on a quarterly basis.  The newsletter is intended to keep insurance and reinsurance undertakings informed and up-to-date on Solvency II policy developments, implementation activities and events.

The Society of Actuaries in Ireland has welcomed the Financial Regulator’s Review of Minimum Competency Requirements (Consultation Paper 45), noting that “The Requirements benefit consumers by ensuring that individuals who sell or provide advice on retail financial products acquire relevant competencies first”.  

 

News Release from the IAA

CEIOPS have to-day (11 August 2010) issued an errata list for the QIS5 technical specifications, and an updated Q & A document. 

Solvency II – QIS 5 Workshops

The Society of Actuaries in Ireland and the Financial Regulator are currently organising a series of workshops in September on QIS 5 (Qu

Submission to Financial Regulator on Investment Guarantees

The Financial Regulator published a consultation paper during the summer on “Investment Guarantees – Guidance on Reserving and Risk Governance”.