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					                   SHORT TERM INSURANCE COMMITTEE (STIC)

     REPORT TO COUNCIL OF ACTUARIAL SOCIETY – 10 FEBRUARY 2012

1. Introduction
  This is a summary of the activities of the Short Term Insurance Committee (“STIC”) over the
  period August 2011 to January 2012 for the February 2012 Council meeting.

2. Items where a decision/approval from Council is requested

  2.1. Short Term Insurance Convention
  The STIC would like to run a one day short term insurance convention on 31 August 2012.
  Approval of the date is required.

3. Areas where assistance / guidance from Council is needed
  None.

4. Items Council should note to be informed on activities of the Society

  4.1. Restructuring of STIC
  The restructure of the STIC is almost complete. A new chair, deputy chair and sub-
  committee chairs were appointed in 2011. The main STIC committee is now much smaller,
  consisting of the Chair, Deputy Chair, Secretary, 5 sub-committee chairs, a SAIA
  representative, a SAICA representative, an FSB representative and an Actuarial Society
  Council representative. In addition, the committee hopes to appoint a couple of experienced
  short term insurance actuaries to fulfil a “non-executive member” role. These members will
  not be required to work on any of the sub-committees but asked to guide the committee
  where they think this is required. Full details of the current membership is provided below.

  Certain of the sub-committees feel that they need additional resources. A call for volunteers
  will be sent to the industry to recruit additional resources if necessary.

  4.2. Professional Guidance
  This sub-committee has 2 streams – guidance note maintenance and oversight of the issuing
  of practice certificates.

  A major focus area of the guidance notes stream for 2012 will be to create an overarching
  framework on how guidance from other bodies may be referred to where there is either no
  local guidance in place or the work falls outside the geographical scope of the local guidance.

  Other priorities will be to obtain approval for PGN 401 (draft is complete, approval process
  begun), and to being drafting guidance on capital modelling and pricing.

  4.3. Education
  The upgrade of the F103 study notes has been completed.
  The next task of this committee will be to update the F203 study notes. This must be
  completed by October 2012 in order for them to be available for the examiners setting the
  2013 examinations.

  4.4. CPD
  In 2011, STIC broke with past tradition in having a separate convention and joined the
  annual Actuarial Society convention as a separate track.

  In 2012, a one day Short Term Insurance Convention will again be held. This is planned for
  31 August 2012. In addition, STIC aims to arrange 3 sessional meetings (first one confirmed
  for 27 Feb), and to have least 2 short term insurance sessions at the annual Actuarial Society
  Convention in November. Currently 2 short term sessions have been allocated to us, but the
  committee is hoping to get additional sessions.

  4.5. Research and communication
  A draft of the discussion document on Compulsory 3rd party Motor Insurance for Property
  Damage has been completed. A bit of work is required to ensure the article grabs readers
  attention. The aim is then to have this article published – possibly in Cover Magazine or
  RiskSA.

  A person has been appointed to maintain the website. Going forward, we will ensure this is
  updated on a regular basis.

  4.6. Legislation
  SAM remains a key focus area for this committee. In addition to providing comment on all
  relevant discussion documents and communications, this committee will provide assistance
  to the FSB SAM Task Groups where actuarial assistance is required.

  More active monitoring and commenting on international accounting standards will also start
  happening.

5. Progress of committee’s actions against annual plan for 2012
  Many of the STIC’s plan have been delayed due to the restructure. The committee is now
  functioning at close to complete. All sub-committees have started drafting terms of
  references (including 2012 goals). These will be published on the website after approval at
  the next STIC meeting (May 2012). Progress against the plan will be tracked in future
  council submissions.

6. Contact with the Regulators and/or other authorities
  6.1. SARS
  Nothing to report.

  6.2. FSB
  Regular interaction with the FSB occurs through the SAM project.

  6.3. SAICA short-term interest project group (STIPG)
  Nothing to report.
7. Membership
   The main committee is now considerably smaller, but a number of new members have been
   welcomed to the various sub-committees. Main committee members are shown in italics.
   Below is the list of 36 members (including representatives from FSB, SAICA, SAIA and
   Council) currently serving on the STIC:

Name                                  Email                              Company / Organisation

Beverly Dias (Chair)                  bdias@scor.com                     Scor
Eugene van der Westhuizen (Deputy
Chair)                                Eugene@hannover-re.co.za           Hannover Re
Erik Harkema (Secretary)              ErikH@hollard.co.za                Hollard
Ed Chihambakwe (Education chair)      ed@insurancemall.co.za
Jaco van der Merwe (Professional
guidance chair)                       javandermerwe@deloitte.co.za       Deloitte
Jacques du Preez (CPD chair)          jacques.dupreez@mf.co.za           Mutual and Federal
Lance Moroney (Legislation chair)     Lance.Moroney@aon.co.za            AON
Natalie van de Coolwijk (Research &
communication chair)                  nataliev@natsure.co.za             Natsure
Charles Hitchcock                     charles@saia.co.za                 SAIA representative
Hantie van Heerden                    hantiev@fsb.co.za                  FSB representative
Ilse French                           ilsefrench@ilsefrench.co.za        SAICA representative
Ray Welham                            rwelham@sellems.co.za              Council representative
Alex Thomson                          Alex_Thomson@quindiem.com          Quindiem
André Jansen van Vuuren               jansenvanvuurena@guardrisk.co.za   Guardrisk
Annemarie Sinclair (Examination)      Annemars@hollard.co.za             Hollard
Bridget Bernon                        bbernon@deloitte.co.za             Deloitte
David Kirk                            david.kirk@za.pwc.com              PWC
Deanne van Doesburgh                  deannev@hollard.co.za              Hollard
Edward Paul                           Edward.Paul@MF.co.za               Mutual & Federal
Ioana Abrahams                        IoanaA@fsb.co.za                   FSB
Jonathan Havemann                     jonathan.havemann@za.pwc.com       PWC
Karl MeissnerRoeloff                  kmeissnerroloff@deloitte.co.za     Deloitte
Kevin Ross                            kross@deloitte.co.za               Deloitte
Lisa Pines                            Lisa.Pines@towerswatson.com        Towers Watson
Lourens Bekker                        Lourens.Bekker@absa.co.za          Absa Insurance Company
Manoli Damoulakis                     Manoli.Damoulakis@flagstonere.bm   Flagstone Re
Matthew Weaver                        MWeaver@MunichRe.com               Munich Re
Nicola Stephens                       Nicola@hannover-re.co.za           Hannover Re
Ninette Meyer                         Ninette.Meyer@absa.co.za           ABSA
Riyadh Mayet                          Riyadh.Mayet@towerswatson.com      Towers Watson
Sias Esterhuizen                      sesterhuizen@deloitte.co.za        Deloitte
Sumarié Greybe                        sumarie_greybe@quindiem.com        Quindiem
Timothy Harrison                      timothy.harrison@aon.co.za         AON
Vuyo Rankoe             vrankoe@centriq.co.za      Centriq
Wynand Viljoen (SARS)   Wynand.Viljoen@za.ey.com   Quindiem
Yashoda Ram             yram@deloitte.co.za        Deloitte

				
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