Meet growing needs for innovative insurance solutions while increasing operational health and improving compliance.
Financial modelling & industrialisation
IFRS readiness and compliance
Financial Modeling Platform with Excel language
Financial Modeling Platform
Premium comparison platform
Solvency II compliance
Solvency II reporting & compliance
Manage complex risks using data-driven insights, advanced approaches, and deep industry experience.
This is a place where your ideas and insights make an impact. Where an independent, entrepreneurial spirit is an advantage. And where diversity of thought and experience makes us who we are.
Data-driven insight. Deep expertise. Transformative innovation. Since 1947, Milliman has delivered intelligent solutions to improve health and financial security.
In Ireland, a transfer of insurance business from one insurer to another requires Irish High Court approval. This stems from regulation 13(4) Assurance Companies Act 1909 which states:
“No assurance company shall amalgamate with another, or transfer its business to another, unless the amalgamation or transfer is sanctioned by the Court in accordance with this section.”
The role of the “Independent Actuary” is to assess the Scheme and provide an independent view to the Court on the “long term likely impacts” of the Scheme on policyholders’ benefits, security of benefits and reasonable expectations.
In Ireland, and in the UK and Asia (which have similar systems to Ireland), we have extensive experience in discharging the role of Independent Actuary. We can help identify the key issues in advance of finalising any Scheme of Transfer and ensure the process avoids any unnecessary rework or potential negative publicity from a rejected Scheme.
In Ireland, we have worked with many legal firms and are very familiar with the Court and Senior Counsel legal process. We have also worked with companies in their liaison with regulators and other interested parties.
Our senior consultants in Ireland have been involved in portfolio transfers as Independent Actuaries and also as Appointed Actuaries of either the transferor or transferee. We have the experience and expertise to provide the services you need in a practical and efficient way.
We clarify the Financial Conduct Authority’s approach to the review of…
Ask the tough questions. We’re ready for them.
To speak with an expert, please contact a member of our Dublin office or fill out the form below.