The European Insurance and Occupational Pensions Authority (EIOPA) has published the preliminary results of the quantitative impact study (QIS) on Institutions for Occupational Retirement Provision (IORPs) conducted by EIOPA in October – December 2012.

The purpose of this QIS is to assess the impact of the different options included in EIOPA’s advice on valuation and security mechanisms for the financial requirements for IORPs. The QIS is part of the process to advise the European Commission on the review of the IORP Directive.

The April 2013 issue of the SAI Newsletter is the first of the new year and is in a slightly different format than previous issues.  Rather than filling the newsletter with long reviews of evening meetings, the newsletter team is experimenting with having much shorter summaries. 

This approach means that we will need to draw on other content for the newsletter.  The newsletter team would appreciate receiving submissions and ideas from members for future editions. 

The April Issue of The European Actuary is now available here.

It features the following articles;
 
•    EIOPA calls for transparency to protect consumers.
•    The thorny issue of annuities
•    Mortgages: interesting asset class for pension funds?
•    Social Responsibility
•    Unintended Future Risk
•    What can actuaries add to the debate on environmental issues?

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II.

The European Commission has adopted a Green Paper that launches a three-month public consultation on how to foster the supply of long-term financing and how to improve and diversify the system of financial intermediation for long-term investment in Europe.

Full details are available here.

In its report on "Design and Delivery of Defined Contribution (DC) Pension Schemes - Policy Challenges and Recommendations", the OECD summarises the challenges policymakers face and recommends key improvements that can help to ensure DC delivers the incomes that individuals need.

The European Insurance and Occupational Pensions Authority (EIOPA) and the World Bank have signed an operational Memorandum of Understanding (MoU) to cooperate on developing the insurance sector.

This Memorandum will enable both organizations to collaborate on promoting a risk_based regulatory and supervisory framework in insurance, as well as the identification of systemic risk and the promotion of consumer protection.

More information is available here

The requirements you need to fulfil for the CERA qualification changed from September 2012.

For those taking the ST9 exam after 1 September 2012, you also need to attend a seminar in order to receive the qualification.

More information is available here

There are going to be some important changes for the April 2013 exams.

These include:

• The launch of electronic exam entry permits;
• A new style exam paper and answer booklet;
• The need to write in black ballpoint ink only and
• Scanning of exam answer booklets for marking purposes.

Please make sure you read this important information so as to be aware of the changes and to ensure that your script can be marked.

Since 2010, the UK Institute and Faculty of Actuaries has been permitted to award the Chartered Enterprise Risk Actuary (CERA) qualification to those of its Associates and Fellows who have passed  its ST9 Enterprise Risk Management (ERM) Specialist Technical examination (and, from September 2012, have also attended a one day seminar).