Series 100 – Life offices
Series 100 provides guidance in carrying out Life assurance related actuarial work. The following Standards of Actuarial Practice (SAPs) and Advisory Practice Notes (APNs) are in force:
- APN 103: WITHDRAWAL JULY 2018
- APN 105: MINIMUM REQUIREMENTS FOR DERIVING AIDS EXTRA MORTALITY RATES
- APN 106/403: HEAD OF ACTUARIAL FUNCTION FOR SOUTH AFRICAN INSURERS v7
- APN 106/403: HEAD OF ACTUARIAL FUNCTION FOR SOUTH AFRICAN INSURERS V6
- APN 107: VERSION 8
- APN 108: TRANSFER OF LONG-TERM BUSINESS OF A REGISTERED INSURER – ROLE OF THE INDEPENDENT ACTUARY
- APN 109: LIFE INSURANCE COMPANY TAKEOVERS
- APN 110: ALLOWANCE FOR EMBEDDED INVESTMENT DERIVATIVES
- APN 111/404: HEAD OF ACTUARIAL FUNCTION FOR SOUTH AFRICAN INSURANCE GROUPS
- APN 112/405: ADVISORY PRACTICE NOTE 11/405 IFRS 17 INSURANCE CONTRACTS
- APN 113: ESTIMATED FUTURE EXPENSE CASH FLOWS FOR TPs AND SCR
- APN 114: ON PREMIUM AND BENEFIT REVIEWS
- APN 115: ON PREMIUM AND BENEFIT REVIEWS FOR UNIVERSAL LIFE PRODUCTSS
- COVER NOTE ON APN 114 AND 115 V1.0
APN 103 and SAP 104 refer to a Board Notice entitled “Prescribed requirements for the calculation of the value of the assets, liabilities and Capital Adequacy Requirement of long-term insurers”. The current version is No 14 of 2010 published in the Government Gazette No. 32916 of 5 February 2010.
These are information notes containing additional guidelines for SAP 104 and APN 107:
PGNs that have been withdrawn in the past are provided here for reference purposes only. These PGNs have not been updated to make them consistent with the terminology and format used in the IAA framework.
PGN 101 became redundant and was withdrawn as a result of the withdrawal of FSB Directive 120 in July 2003. This Directive was withdrawn in response to the substitution of section 30(2) of the Long-term Insurance Act by section 11(b) of the Insurance Amendment Act No.17 of 2003 and the reporting in Statement C8 (Dividend Test) of the Long-term Return (LT2000).
At the LAC meeting held on 19 November 2008 it was noted that PGN102 had not been revised for some time and it was suggested that the guidance note be reviewed in conjunction with the AIDS committee.
The LAC noted that:
- whilst PGN102 is a good summary of what the actuary must do, PGN104 states that the actuary must take AIDS into account when setting best estimate rates
- a special guidance note for AIDS is not required and that AIDS is covered sufficiently in PGN105 and PGN104.
The LAC proposed that PGN102 be scrapped and that PGN105 be amended by replacing references to PGN102 with references to PGN104. This proposal was accepted by the AIDS committee and Council in early 2009 and PGN102 was withdrawn in May 2009.