On 18 December 2014, CBI published a letter of that date to appointed actuaries of life assurers. This sets out CBI expectations for year-end 2014 valuations in respect of (a) the future investment rate specified under Irish insurance legislation, (b) the resilience test to be applied, and (c) the yields on variable interest investments to be used in valuing liabilities.  CBI notes that life assurers may be considering changes to their investment portfolios during 2015, in anticipation of Solvency II (Directive 2009/138/EC) implementation.  Although valuation rules set out in Irish insurance legislation will not be relaxed in 2015, the CBI confirms that it will not be setting minimum standards for the resilience test for year-end 2015 valuation purposes.