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 shall comprise at least 10 suitably qualified and experienced Actuaries of the Actuarial Society such that breadth and depth of representation is appropriate to allow for adequate representation from:
- small, medium and large SA Life insurers,
- actuarial consultants / auditing firms in SA,
- reinsurers operating in SA,
- Actuaries acting as statutory actuaries or heads of actuarial functions,
- Actuaries responsible for product development and management.
In addition, allowance should be made for members from
- other relevant professions as determined by the Committee (e.g. an accountant representing SAICA, who is a member of SAICA’s Long-term Insurance Project Group);
- representation from both the market conduct and prudential regulators;
- the Staff Actuary of the Actuarial Society of South Africa; and
- an actuary representing ASABA (Association of South African Black Actuarial Professionals).
The committee members are as follows:
|Colin van Zyl|
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.