Short Term Insurance

The objective of the ASSA Short Term Insurance Committee (ASSA STIC) is to develop the interests of the profession with regard to short term insurance.

The main activities of the STIC include:

• To recommend to Council steps to be taken by the Society in order to encourage the short term insurance industry in South Africa to enlist the aid of actuaries in the recording of appropriate data, the setting of rating structures, the determination of adequate reserves, the assessment of solvency margins, and in generally promoting the role of the profession in general insurance.
• To consider any legislation or proposed legislation affecting general insurance which is of concern to the actuarial profession, and to make appropriate recommendations in regard to representations to be submitted.
• To initiate consideration of and to make recommendations to Council concerning any aspects of general insurance which may require the issue, amendment or amplification of professional guidance.
• To contribute to the work of auditors and actuaries in relation to general insurance.
• To liaise with the Education Committee and interested South African universities on matters concerning the education and training of actuaries in short term insurance.
• To liaise with the Programme Committee with regard to research, the production of papers and setting up of discussion panels in respect of short term insurance.