On 9 and 10 May 2013, the European Insurance Forum was held in Dublin. Approximately 200 global insurance and reinsurance specialists attended the event. Key note speakers included Mathew Elderfield (outgoing Deputy Governor of the Central Bank), John Bruton (President of IFSC Ireland) and Gay Mitchell (Member of the European Parliament). In his key note speech, Mr. Elderfield spoke about the regulatory agenda facing the insurance industry. Unsurprisingly, his speech focused on Solvency II developments. He was supportive of EIOPA's work in issuing Solvency II draft Guidelines, commenting that the Central Bank's approach to implementation of the Guidelines would be proportionate (with use of enforcement powers only to be considered in extreme circumstances and as a last resort). Mr. Elderfield noted the impact of long-term low interest rates on the insurance sector (which, he noted, leads to both front and back book risks for firms) as a key concern. He confirmed Central Bank plans to require stress testing in firms with such back book exposures.