LIFE ASSURANCE COMMITTEE
The Life Assurance Committee is responsible for developing the interest of the profession in the Life Assurance industry. This includes matters relating to the financial soundness of life assurers.
The committee considers and makes recommendations to Council on matters relating to the financial soundness of Life Assurers.
The committee’s scope is life insurance actuarial work performed by actuaries in general, and by statutory actuaries in particular in terms of the Long-term Insurance Act.
The main objectives of the committee include the following:
- Actively support the development and thought leadership of actuarial practice in the areas where actuaries apply actuarial techniques and theory in the Life Insurance industry through the development of Professional Guidance Notes, the provision of CPD events, and the facilitation of research activities.
- Contribute to the strategic direction of the Actuarial Society from the perspective of Life insurance and, in so doing, to support the Actuarial Society brand promise of “thought leadership”.
- Provide input to the Financial Services Board in order to influence legislation affecting long-term insurers.
- Provide high-level support for the Actuarial Society’s education initiatives in relation to Life insurance.
The committee consists of:
- An actuary (preferably the Statutory Actuary) from:
- each of the 5 largest typical SA Life insurers;
- each of the 5 largest (in terms of the number of statutory actuary appointments / life clients) actuarial consultants / auditing firms in SA;
- one of the SA reinsurers.
- An accountant representing SAICA, who is a member of SAICA’s Long-term Insurance Project Group; and
- The Chief Actuary (or another actuary from the Insurance Department) of the FSB.
There is scope for one or two other highly competent/talented actuaries with life experience to be invited to join the Life Assurance Committee.
The committee members are as follows:
|Colin Van Zyl||Chairperson|
|Peter Tripe||Deputy Chairperson|
|Marius du Toit|
|Niel Fourie||ASSA representative|
The following document has been prepared by the LAC Regulatory Update subcommittee and is intended to provide a brief overview of regulatory developments relevant to actuaries practising in Life Insurance.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for advice.