The Central Bank of Ireland (CBI) have published a consultation paper which sets out specific domestic (Irish) requirements regarding the actuarial function and related governance arrangements for all insurance and reinsurance undertakings subject to Solvency II. All feedback should be submitted to the CBI by 29 May 2015.
The key requirements are outlined below:
|Head of Actuarial Function (HoAF)||
|Actuarial Opinion (AO)/Actuarial Report (AR) on Technical Provisions (TPs)||
The following is similar to current guidelines:
You can read the full consultation paper on the Central Bank's website
Feedback is due by 29 May 2015 and should be preferably sent by email to email@example.com
- the role of the Chief Actuary and Signing Actuary will cease from 1 January 2016 and be replaced by the HoAF
- a peer review will be required for all medium low and higher impact undertakings
Most of the proposed requirements are based on the current and the Solvency II requirements. However, some of the wordings used in the CP are stronger than the current requirements. Our thoughts are having requirements that help strengthen the governance and adequacy of TPs are welcome. However, there is a question whether the costs will outweigh the benefits for Low Impact Solvency II undertakings.