Generally, when the year comes to an end, most of us take some well-deserved time off to travel far and wide to spend time with loved ones and family - while some remain at home to keep the candles burning - but also taking it easy and resetting for 2019. Either way, I am sure that we are well-rested and now rearing to take the challenges coming with the new year head on.
The year 2018 saw SAIA getting involved in several initiatives aimed at working towards a sustainable non-life insurance industry, together with our members. One of the industry focused initiatives that was accomplished towards the end of 2018 was the wrapping up of the Nedlac Financial Sector Summit negotiations which are set to see an agreement sign-off Summit attended by the president, Mr Cyril Ramaposa in the first quarter of 2019.
The Financial Sector Charter Council (FSCC) also underwent some transformation and was reconstituted with the aim of sharpening it to play a more strategic leadership role in the promotion of transformation within and by the financial sector. It was renamed the Financial Sector Transformation Council (FSTC) and launched on 26 September 2018.
The Insurance Act 2017 come into force effective 1 July 2018, also ushering in a technical change in how our industry is named from short-term insurance to non-life insurance industry. The Act aims to ensure the safety and soundness of insurers, enhance the protection of policyholders and potential policyholders, promote broad-based transformation of the insurance sector, and contribute to the stability of the financial system in general.
The SAIA will continue to collaborate with various stakeholders in business, government and the regulators to ensure that our numerous industry initiatives within the transformation and governance, as well as insurance risks areas are finalised. Our relationship with all our valued stakeholders remains warm and we will further seek to nurture these as we work our way into 2019 for the benefit of our members and consumers.
Even though this is the first Bulletin for the year, you will find quite interesting articles aimed at picking up from where we left off last year. I also hope that the year 2019 will bring all of us much success in all our endeavours. All the best!