SHORT TERM INSURANCE COMMITTEE (STIC)
REPORT TO COUNCIL OF ACTUARIAL SOCIETY – 10 FEBRUARY 2012
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
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.
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
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
A person has been appointed to maintain the website. Going forward, we will ensure this is
updated on a regular basis.
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
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
6. Contact with the Regulators and/or other authorities
Nothing to report.
Regular interaction with the FSB occurs through the SAM project.
6.3. SAICA short-term interest project group (STIPG)
Nothing to report.
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) email@example.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) firstname.lastname@example.org
Jaco van der Merwe (Professional
guidance chair) email@example.com Deloitte
Jacques du Preez (CPD chair) firstname.lastname@example.org Mutual and Federal
Lance Moroney (Legislation chair) Lance.Moroney@aon.co.za AON
Natalie van de Coolwijk (Research &
communication chair) email@example.com Natsure
Charles Hitchcock firstname.lastname@example.org SAIA representative
Hantie van Heerden email@example.com FSB representative
Ilse French firstname.lastname@example.org SAICA representative
Ray Welham email@example.com Council representative
Alex Thomson Alex_Thomson@quindiem.com Quindiem
André Jansen van Vuuren firstname.lastname@example.org Guardrisk
Annemarie Sinclair (Examination) Annemars@hollard.co.za Hollard
Bridget Bernon email@example.com Deloitte
David Kirk firstname.lastname@example.org PWC
Deanne van Doesburgh email@example.com Hollard
Edward Paul Edward.Paul@MF.co.za Mutual & Federal
Ioana Abrahams IoanaA@fsb.co.za FSB
Jonathan Havemann firstname.lastname@example.org PWC
Karl MeissnerRoeloff email@example.com Deloitte
Kevin Ross firstname.lastname@example.org 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 email@example.com Deloitte
Sumarié Greybe firstname.lastname@example.org Quindiem
Timothy Harrison email@example.com AON
Vuyo Rankoe firstname.lastname@example.org Centriq
Wynand Viljoen (SARS) Wynand.Viljoen@za.ey.com Quindiem
Yashoda Ram email@example.com Deloitte