What we do
The Actuarial department consists of 20 personnel and provides technical assistance to the Insurance and Pensions departments of the FSB.
	We analyse financial reports tabled with the Financial Services Board to ensure that the organisations remain financially sound and that consumers' reasonable expectations are satisfied in any mergers or transfers.
	We analyse actuarial valuation reports, scrutinising the methods and assumptions used, comparing these assumptions against ranges that we deem reasonable, and checking that appropriate action is being taken to manage risk within the institution.
	We ensure that the schemes for restoration of financial soundness will achieve their objective within a reasonable period.
	We ensure that institutions are taking appropriate steps to remain financially sound following mergers and transfers of business, and that policyholders' reasonable expectations remain satisfied despite the transfer.
	We consider applications in terms of section 15B of the Pension Funds Act and nil schemes as set out in Pension Fund Circulars that are provided to industry. The Registrar must be satisfied that these schemes are reasonable and equitable and accords full recognition to the rights and reasonable expectations of all stakeholders in respect of service prior to the surplus apportionment date.
	We consider applications in terms of section 14 of the Pension Funds Act, to ensure that the scheme of transfer affords full recognition to the rights and reasonable benefit expectations of both remaining and transferring members.
	In the case of new licences granted to insurers, we may comment on product design, underwriting, reinsurance, reserving and how they plan to manage their risks.
	We support any litigation through investigating and reporting on the financial soundness of proposals, acting as an expert witness where required.
	We train colleagues in the Insurance and Pensions departments on technical matters related to their interaction with the reports that we scrutinize.
	We assist Government departments and SARS on actuarial matters at the request of the National Treasury, providing what is essentially an actuarial consultancy service.
	We're directly involved in drafting and issuing of Pension Fund Circulars to provide guidance to industry on various Pension Fund issues.
	We're directly involved in drafting and issuing of Directives and Board Notices to the insurance industry.
We assist clients with information on what they need to do in order to gain approval for complex schemes involving insurance companies or retirement funds.