Institute and Faculty of Actuaries comment on EIOPA Long-Term Guarantees Assessment
17 June 2013
Commenting on the end of EIOPA’s Long-term Guarantees Assessment, David Hare, President-elect of the Institute and Faculty of Actuaries (IFoA) said:
“EIOPA’s Long Term Guarantees Assessment has been much anticipated because it is an important step towards the implementation of the principles underlying the Solvency II framework. The approach to long term guarantees in Europe has been one of the main areas of uncertainty and so the insights within EIOPA’s report are key to the ‘next steps’. Today’s proposals outlined by EIPOA would seem to address many of the important issues. However, the detail needs to be worked through and the effect in a variety of scenarios assessed, before the full implications of the proposals for companies and their customers can be understood.
“The IFoA believes that the expertise of actuaries, in understanding the risks associated with insurance business and all other aspects of Enterprise Risk Management, can provide important insight to the ongoing discussions around how best to achieve the consistent quantification and appropriate management of risk envisaged by the Solvency II regime.”
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