The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Consultation Paper “Second Consultation on Review of Consumer Protection Code”.

The Society supports the Central Bank’s continued objective to strengthen the consumer protection framework. We welcome the introduction of revised measures which will benefit consumers in their dealings with the financial services industry and which will provide both additional protections and enhancements to existing provisions.

The Society's Council has adopted a new Strategy Plan covering the period 2011-2014. 

Recently-elected President, Paul O'Faherty, told members: 

"This Plan reflects the thinking of a wide cross-section of members and in particular it has been considerably enhanced by direct feedback from attendees at the Annual Convention.  As always, though, we will be relying on your continued enthusiasm and energy to bring it to life.

The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Discussion Paper  on “Economic Scenario Generators and Market Consistency”.

The Society recognises the difficulties involved with calibrating market-consistent economic-scenario generators in the absence of deep and liquid markets, and we welcome the Central Bank's initiation of a discussion on this topic.

The Groupe Consultatif Actuariel Européen wishes to appoint a full‐time Deputy Chief Executive, based in Brussels, with a focus on fulfilling the Public Affairs function.  In particular, this will involve responsibility for achieving the Groupe’s strategic aim to raise awareness of the actuarial profession among decision-makers in the European Union on a political and economic level, especially in the European Commission and the European Parliament, but also among supervisors, insurance companies, pension funds, financial institutions, consumer organisations, unions, etc.

Funding for long term care
 

As part of the National Pensions Framework implementation process, the Department of Social Protection intends to establish a panel of consultants, some of whom may be engaged from time to time during the implementation process.

In that regard, a Request for Tender has been published today, requesting applications from vendors who wish to be considered for entry to that panel.     

Longevity Bulletin

In the first edition of the Actuarial Profession’s  Longevity Bulletin, editor Alison O’Connell publishes the findings of a new comparison of a range of international projections of future longevity that reveals some consistent themes. They are:

The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Consultation on “The Fit and Proper Regime in Part 3 of the Central Bank Reform Act 2010”.

The Society recognises the importance of a robust fitness and probity regime and supports the objectives of the Central Bank in this area. However, the response notes that fitness and probity must be seen as only one part of an overall corporate governance and risk management structure.

The Government announced yesterday that “Jobs Initiative 2011” will be partly funded by a special levy on pension savings.

In a press release the Society of Actuaries in Ireland acknowledged the economic and fiscal challenges the country faces and the

need in particular to get more people back to work. However, any changes to pension policy can have far-reaching consequences,

so must be properly thought through.