Category Archives: Ireland

Are You an International Actuary?

Actuarial Skills Travel Well but immigration regulations are being updated frequently.

If you are considering moving abroad it is important to ensure that you are aware of the various procedures that need to be followed when applying for international visas and work permits.

To help you we have created a list of  links to the relevant pages of international immigration websites.

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Ireland: Professional Subscriptions to be a Benefit-in-Kind

Subscriptions to professional bodies were included as a benefit-in-kind in the recent Irish budget. These fees, which are typically paid for by employers were traditionally exempt from tax and will now trigger taxes of up to 52% for individuals and PRSI of 10.5% for companies.

Since the budget announcement in December the Society of Actuaries in Ireland has tracked the progress of the issue through to the Finance Bill and then the Finance Act and has been in close contact with other professional bodies whose members may be similarly affected.  They have also sought tax advice and are currently seeking to get clarity from Revenue regarding the precise scope of the new measures. They hope to be in a position to issue a further communication to members in the near future, providing clarity on the impact of the new benefit-in-kind measures.

Failing a change, the Society of Actuaries is considering remodeling its charges so that the annual fee of €850 is broken into a subscription figure and fees for seminars throughout the year. This would trigger less tax, since BIK is only payable on membership fees.

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Open Forum on Irish Issues in General Insurance

Sima attended last Tuesday’s “Open Forum on Irish Issues in General Insurance” at the Staple Inn. The meeting was chaired by Karl Murphy from EMB.

Tony Jeffery of the Irish Financial Regulator spoke about Solvency II implementation and the need for maximum harmonisation. In the current climate there are constant calls for increased governance and with Solvency II, actuaries are ahead of the game.

Karl Murphy spoke about the total Irish risk market and its top players. Between them, Hiberian Aviva General and Quinn Insurance amount to almost 40% of the total Irish market in 2008 however the foreign risk market is not dominated by these companies. It appears that Ireland is still a really attractive location for companies looking to set up their European head offices.

Insurer Beazley said “its bottom line got a 14 million pound boost as a result of the company’s relocation to Ireland in March, which cut its tax rate for the year to 12 percent from 26 percent in 2008” (Reuters February 9 2010).

Other companies relocating their European Head Offices to Ireland include Willis Group Holdings, XL Capital, Zurich and Aviva.

There was also a mini-quiz for Signing Actuaries and one lucky actuary won a bottle of champagne.

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