Norway’s Finanstilsynet stresses gravity of low rates for pension funds

first_imgIt added that, on top of this, the pension providers were having to meet higher technical provision levels because of rising longevity.Commenting on the upcoming introduction of the European Solvency II Directive on 1 January next year, the regulator said this regime would better reflect the risk inherent in the insurance business than previous solvency requirements had done. “This will be particularly evident in the case of life insurers whose insurance liabilities under the new solvency regime will be recognised at market value,” it said. However, since interest rates are at a low level, the change to the new regime will in some respects involve a big increase in the value of their liabilities compared with the situation now, Finanstilsynet said.“Life insurers are granted a transitional arrangement lasting 16 years in which to complete their technical provisioning,” it said. The regulator said this would ease the solvency requirement for life insurers for a period, but it pointed out that there would be no change in the underlying risk picture.Looking at the picture for the entire financial sector in Norway, Finanstilsynet focused in its report on how the fall in oil prices was affecting Norway’s heavily oil-dependent economy.Lower demand from the petroleum industry has led to much lower activity and hit profitability in sectors selling to the petroleum sector, it said.Finanstilsynet’s director general Morten Baltzersen said: “In the event of a severe setback affecting the Norwegian economy on a broad front, the banks could suffer heavy losses across several parts of their loan books.” The Norwegian financial regulator Finanstilsynet has highlighted the seriousness of the long-term low interest rate environment for the country’s pension providers in its 2015 financial trends report.Releasing the official report today, the regulator said: “The low interest rate level and prospects of low rates for a long period ahead pose a major challenge to pension providers.”It pointed out that a large portion of providers’ liabilities consisted of contracts that carried an annual guaranteed rate of return that was higher than current market interest rates. “Achieving sufficient return on pension assets in a low interest rate regime is difficult,” Finanstilsynet said.last_img read more

Shafer sheds light on offensive coordinator search during introductory press conference

first_imgScott Shafer’s narrowed down his list of candidates to take over as Syracuse’s offensive coordinator, but said Friday he’s not in a hurry to make a hire.The Orange ranked No. 17 in the nation in total offense this past season with an average of 476 yards per game, good for first in the Big East. Shafer said whoever his offensive coordinator is must continue that type of production, but he’ll take the time to make sure he hires the best coach who can fit the program and its philosophy.“What we’re looking for is the right fit. It’s one thing to be a talented coach, it’s one thing to have a pedigree. It’s one thing to be a guy that’s up and coming,” Shafer said. “What we need to do is find the best fit for Syracuse. I’m not in a hurry to do that.”Shafer said he wasn’t ready to discuss the names of his candidates, but said there are a lot of coaches interested in the job.The Orange revamped its system this season to become an explosive, up-tempo offense. Quarterback Ryan Nassib threw for an average of 288.4 yards per game, running back Jerome Smith ran for a total of 1,171 yards this season and wide receiver Alec Lemon tallied 1,070 receiving yards.AdvertisementThis is placeholder textIt was a prolific offensive attack that helped Syracuse finish the season 8-5 and with a Pinstripe Bowl victory. But coaches who helped build that system, former head coach Doug Marrone and former offensive coordinator Nathaniel Hackett, are now in Buffalo.So Shafer’s task is to find an offensive coordinator who can continue that “exciting” style and help keep the team moving forward.“The personality of the offensive coordinator that we will end up hiring is yet to be determined. That personality has to be such that he is inventive and exciting to watch,” Shafer said. “I want a team that’s going to have an offensive unit that when you come and watch them play you better not take a bathroom break.” Comments Related Stories Shafer hires Chuck Bullough to be Syracuse defensive coordinatorShafer officially named as Syracuse’s next head coach; Spent last 4 seasons as defensive coordinatorQuarterback recruit Zach Allen works to keep recruiting class together, praises new head coach ShaferShafer to lead Orange with intensity, put ‘fear of God’ into opponents Published on January 11, 2013 at 6:21 pm Contact Chris: [email protected] | @chris_isemancenter_img Facebook Twitter Google+last_img read more

Snowboarders looking for air

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGift Box shows no rust in San Antonio Stakes win at Santa AnitaIn the women’s division, the top competitor takes home $1,000 in cash, a Kawasaki KLX 110 off-road motorcycle, a one-year clothing sponsorship from Girl Powder and a pre-paid Boost Mobile phone. John McColly, director of marketing for the resort, describes the Triple Air as the largest event of the season. “We see riders from all over the western part of the country coming out to compete,” he said. In the event, snowboarders must tackle three enormous jumps in a row. Participants, including both amateurs and professionals, are judged on their overall performance including difficulty, height, style and landing. After the event, all competitors take part in a raffle and an after- party at the Bullwheel Bar & Grill. Past participants include Shawn White, Blaise Rosenthall, Matt Hammer and Gabe Taylor. Mountain High resort in the San Gabriel Mountains is going strong, thanks to ongoing snowmaking and recent storms that dusted the peaks with snow. This Saturday will mark the 10th annual $25,000 Kawasaki Triple Air at the ski area, the richest one-day snowboarding event in the country. Divisions consist of professional men, amateur men and open/pro women. Entry fees are $160 for professionals, $110 for amateurs and $110 for women. Fees include lift ticket, USASA membership, breakfast, lunch from Wahoos, drinks from Chambord, the raffle and after-party. Registration takes place from 7 to 9:30 a.m. in the West base lodge. The event begins at 11 a.m. [email protected] (562) 698-0955, Ext. 3028 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!center_img Prizes are awarded to the top 16 competitors. First place in the men’s division takes home $6,000 in cash and a Kawasaki KLX 110 Off-Road motorcycle. A Rolex watch, provided by sponsor Active Ride Shop, also goes to the rider with the best trick. last_img read more