News

The European Insurance and Occupational Pensions Authority (EIOPA) published today a potential macroprudential approach to the low interest rate environment in the Solvency II context.
The aim of this publication is to contribute to the discussion on the possible need to develop a macroprudential framework in the insurance sector to promote financial stability in a Solvency II environment.
 
The following three objectives to be targeted by supervisory authorities in the current low interest rate environment are addressed:

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.

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).

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Note entitled “Need for high quality public disclosure: Solvency II’s report on solvency and financial condition and the potential role of external audit”. The purpose of this Note is to stress the importance of high quality public information and the relevant use of external audit services in relation to Solvency II public disclosures.

EIOPA has published the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The set covers different areas from all three Solvency II pillars (quantitative basis; qualitative requirements; reporting and disclosure).  The ITS and Guidelines were finalised following the public consultation earlier this year, during which EIOPA received over 4500 comments.

With this publication EIOPA takes a further step towards ensuring the timely implementation of Solvency II.

The International Actuarial Association (IAA) is pleased to announce the publication of the paper “Deriving Value from ORSA - Board Perspective” developed by the Joint ORSA Subcommittee of the IAA’s Insurance Regulation and Enterprise and Financial Risk Committees.

The European Insurance and Occupational Pensions Authority (EIOPA) has issued Set 1 of its Solvency II Guidelines in the official languages of the European Union.

The Guidelines cover the following aspects:
 

The Society has responded to the Central Bank of Ireland’s (“the Central Bank”) Consultation Paper 89. This consultation paper sets out proposals in relation to reporting templates which the Central Bank deems necessary to address requirements specific to the local market and/or the nature of insurance undertakings supervised in Ireland and which are not catered for in the set of Solvency II harmonised reporting templates being developed by the European Insurance and Occupational Pensions Authority (EIOPA).

The Society has responded to the  Department of Finance “Public Consultation Paper: Solvency II Directive”

The Society’s response is available here