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.

The Society's November Newsletter is now available and includes articles on:

On the 6th of October, the Pensions Authority published a synopsis of the main points made in submissions it received in response to its consultation paper on draft codes of governance for defined contribution schemes.

The Central Bank of Ireland has published a feedback statement on Consultation Paper 92 Domestic Actuarial Regime and related Governance Requirements under Solvency II.

The consultation period closed on 29 May 2015.

On the 30th September Deputy Governor of the Central Bank of Ireland, Cyril Roux, provided the keynote address on Cyber Risk at the Society’s annual “Risk Management Perspectives” Conference.

Stating that cybersecurity and cyber risk is rapidly moving up the Central Bank’s supervisory agenda, the Deputy Governor spoke on the following topics as part of his address:

The Actuarial Association of Europe (AAE) has appointed Philip Shier as its new Chairperson.

Philip Shier is a member of the Society of Actuaries in Ireland and a Past President of the Society.  The Society congratulates Philip on his appointment.

AAE Press Release is here.

The European Insurance and Occupational Pensions Authority (EIOPA) has issued the second set of its Solvency II Guidelines in the official languages of the European Union.

The Guidelines cover different areas from all the three Solvency II pillars (quantitative requirements; governance requirements; reporting and disclosure).