We provide technical support to the Registrar of Short-Term and Long-Term Insurance
- By providing assistance and comments as requested.
- Ensuring that insurers are solvent on the minimum basis as prescribed in the Act.
- Ensuring that insures are financially sound on the statutory valuation method and that policyholders’ reasonable expectations are being met.
- Approve statutory actuaries (in association with the Actuarial Society of South Africa), ensuring that the applicant has the required professional standing and experience.
- Accompany the Insurance Department on on-site and other compliance visits.
- Continuously assist in the maintenance of statutory returns regulated entities must complete.
- Assist in special statistical surveys on regulated entities.
Give advice to stakeholders
- Such as insurers or their advisors on practice, product design and valuation requirements that will be acceptable to the FSB.
Develop an appropriate regulatory environment
- Develop or revise Directives and guidelines, which will assist the industry or the Insurance department in meeting the requirements of the Board. The latter will include enhancing the fair treatment of consumers.
- Consider complaints from policyholders which relate to actuarial issues or which have actuarial consequences.
- Participate in various industry associations.
- Maintain professional standards.
- Manage relationships with senior officials in industry associations and government.
- Active involvement in working group meetings with industry.
- Provide technical training to the Insurance Department on request.