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.

EU Council, represented by the Lithuanian Presidency, and the European Parliament have on November 13 in Brussels achieved a provisional political agreement on Omnibus II directive.

 Agreement on Omnibus II enables Solvency II framework finally to become operational. Solvency II is a long-expected major overhaul of the EU insurance regulatory framework and is very important for the insurance industry, supervisors and policyholders in the EU.

The Central Bank of Ireland has published ‘Guidelines on Preparing for Solvency II’.
These guidelines reflect the EIOPA Guidelines published on 31st October 2013. The principal aim of the guidelines is to aid insurance companies in taking active steps towards implementing certain key elements of Solvency II in a consistent way.

The Central Bank guidelines cover the following areas of Solvency II:

The Society of Actuaries in Ireland has responded to a Pensions Board consultation on the future of defined contribution (DC) pensions. 
 
In the response, the Society calls on the Pensions Board to develop and articulate an over-arching vision for the future of DC pensions, rather than tackle individual issues on a piecemeal basis.  The Society also offers views on simplification of the regulatory framework, alternatives to the trustee model, investment matters, and engaging pension scheme members through effective communications.    

Attached below is the SAI Newsletter from October 2013,  Included in this edition are articles on:

• the conferring of Honorary Fellowship on Prof Patrick Honohan
• SAI Presidential Address
• ERM Conference
• SAI International Committee
• Question time
• Student section

Governor of the Central Bank, Professor Patrick Honohan has been elected an Honorary Fellow of the Society of Actuaries in Ireland.

Dermot Corry, President of the Society of Actuaries, said that Professor Honohan’s “notable achievements which formed the basis for Council’s decision to confer him with Honorary Fellowship included his role as Governor of the Central Bank where he has taken a key role in stabilising our financial institutions and rebuilding our reputation for financial services regulation”.

The International Association of Insurance Supervisors (IAIS) today announced its plan to develop a risk based global insurance capital standard (ICS) by 2016. Full implementation will begin in 2019 after two years of testing and refinement with supervisors and internationally active insurance groups (IAIGs).