Determinations

Determinations made in respect of investigations conducted under the Disciplinary Scheme are published below.

 

Determination of a Disciplinary Tribunal - Mr Martin Ryan

A hearing in respect of an allegation of misconduct against Mr. Martin Ryan, the former Chief and Signing Actuary at RSA Insurance Ireland DAC and former Actuarial Manager at Euro Insurances DAC (trading as LeasePlan Insurances), and a former member of the Society of Actuaries in Ireland (“the Society”), was heard before a Disciplinary Tribunal on 15th March 2024. 

It was alleged that Mr. Ryan was guilty of misconduct, as defined by Rule 1.3 and 1.4 of the Disciplinary Scheme of the Society, in that:

  1. Mr. Ryan, while still a Member of the Society, did, in the course of a fitness and probity assessment at Euro Insurances DAC (trading as LeasePlan Insurances) in 2016, fail to provide material information and give false and/or misleading information.
  2. Mr. Ryan failed to supply such information and/or explanations as required by the Investigating Committee.

The Disciplinary Tribunal determined that both the Charges were proven as to fact and also determined that these Charges were proven to be Misconduct as defined under the rules of the Disciplinary Scheme of the Society.

The Disciplinary Tribunal further determined that the appropriate sanctions in respect of the proven Misconduct are:

  • a fine to the amount of €10,000 and;
  • exclusion from membership of the Society for a period of five years, which must elapse before Mr Ryan may submit an application for readmission as a member.

The Disciplinary Tribunal also awarded costs to the Society in the amount of €17,500, as per Rule 5.23 of the Disciplinary Scheme.

Published by the Society of Actuaries in Ireland on 24/07/2024.

This determination will remain on the Society’s website until 24/07/2026 or such earlier date as Council may elect to remove it.  Thereafter, Council may at its discretion, but shall not (unless in accordance with legal obligations) be obliged to, release details of this determination where a specific request for disclosure is made and Council considers that disclosure is warranted in light of the circumstances of the request.     

 

END