South African Insurance Association

+27 11 726 5381

From the Desk of the Chief Executive - SAIA Bulletin November 2018

As we begin to wind down the year, it is only normal that we take stock of our accomplishments and the challenges we all faced and navigated through the year. Our industry certainly faced a myriad of challenges, from regulatory to transformation, which we have carefully navigated in collaboration with all our valued stakeholders.

The year saw the reconstitution of the Financial Sector Charter Council (FSC) to play a strategic leadership role in the promotion of transformation within the financial sector, and the renamed Financial Sector Transformation Council (FSTC) launched on 26 September 2018. The Nedlac Financial Sector Summit process is continuing, with a few more things to be ironed out, followed by a summit expected to be in the first week of March 2019.

We also witnessed the launch of the Financial Sector Conduct Authority (FSCA), aimed at replacing the Financial Services Board (FSB) and the Prudential Authority, both launching on 1 April 2018. This marked the official launch of the ‘Twin Peaks regulatory system’, a model whose objectives are “to create a safer financial sector that works effectively in the interests of all South Africans, by reducing potential threats to the financial system and providing better protection to financial customers”.

This model came with several regulatory instruments that had to be met by our members. A word of thanks goes to our regulators as well as the industry players for working collaboratively to ensure a smooth transition.

The SAIA Insurance Risks department continues to be extremely busy with various important projects like the Agricultural Insurance initiative and the Competition Commission Motor Code. We have also done much work in the Fire Risk Project and the transfer of the Licence Plate Recognition (LPR) programme from BACSA to ICB.

The IUMI 2018 Conference in Cape Town in September was an undoubted success, as per messages and input received from various stakeholders, attendees, sponsors and others during and after the conference.

A special word of mention should also go to the AMUSA Executive Committee, and especially those members who participated very intensively on the IUMI Conference 2018 Planning Committee, for their time, effort and resources. The very professional and able assistance and services of the professional conference organiser (PCO), Ripcord, and in particular Estelle Lotter also greatly contributed to the success of this conference.

Looking back, it has been a challenging but fruitful year for the industry, and we certainly look forward to working with, and collaborating in various initiatives with all the relevant stakeholders again in the coming year.

A special thank you to the SAIA Board for giving us the strategic direction and wisdom, and everyone who participated in our Board Committees, Standing Committees and Forums. We look forward to working with you again in the coming year to see our projects through. Your contribution is highly appreciated.