News

CEIOPS has this morning (6th July) published the final QIS5 specifications.  The 6 documents are available as a single ZIP download

The UK Actuarial Profession has been formally approved to award the new Chartered Enterprise Risk Actuary (CERA) qualification for actuaries. 

The Society has submitted a response to the Financial Regulator’s Consultation Paper on “Corporate Governance for Credit Institutions”.

The importance of security of occupational pensions has been highlighted by the financial crisis, and there have been calls for the Solvency II framework to be applied directly to pension plans to provide greater security for plan members. Whilst this is one possibility, it would have significant ramifications; other approaches may be more suitable for pensions.

CEIOPS and the Groupe Consultatif have assembled a programme for a hands‐on practical workshop on QIS5 to be held at the CEIOPS office in Frankfurt on 25th and 26th August.  The outline programme has been designed such that the first day should suffice for general insurance actuaries while the second day will address specialised life (with‐profits) issues.  Participants may register for each day separately.

STUDIES IN IRISH DEMOGRAPHY EXPERIENCE

The Society of Actuaries in Ireland has published a sample risk register to help pension scheme trustees and sponsoring employers, with the assistance of their actuarial advisers, to identify the various risks inherent in pension schemes and to manage these risks effectively. 

Scheme Actuaries, in particular, are encouraged to use the sample risk register to engage with their clients on the broad spectrum of risks, from financial to operational, that pension schemes face. 

The UK Financial Reporting Council (FRC) has introduced changes to the UK Corporate Governance Code – formerly known as the Combined Code – to help company boards become more effective and more accountable to their shareholders.

The Society of Actuaries in Ireland has prepared sample Protocols to assist actuaries who are appointed to advise the trustees and/or sponsoring employer of a pension scheme and who need to prepare a Protocol on the management of conflicts of interests in accordance with ASP Pen-13, Conflicts of Interests – Pensions Actuaries.

The sample Protocols are available under Press & Publications / Briefing Statements. 

The Groupe Consultatif has submitted comments on the draft QIS 5 technical specification to the European Commission.

The paper identifies a number of high-level issues: