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Advisory Council – 14 November Short Term Executive Committee presentation

Advisory Council – 14 November Short Term Executive Committee presentation. Prepared by Barry Taylor. Short Term Exco feedback 2011. Acknowledge the work and responsiveness of the Short Term Committees. Creating and building relationships with Industry Stakeholders:. SAIA SAUMA SASRIA

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Advisory Council – 14 November Short Term Executive Committee presentation

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  1. Advisory Council – 14 November Short Term Executive Committee presentation Prepared by Barry Taylor

  2. Short Term Exco feedback 2011 • Acknowledge the work and responsiveness of the Short Term Committees. • Creating and building relationships with Industry Stakeholders: • SAIA • SAUMA • SASRIA • Association of Loss Adjusters • Council for Banking • FSB

  3. Short Term Exco feedback 2011 • Insurance Laws Amendment Act – Binder Agreements: • Achieved remuneration for Administration activities • for Intermediaries • Promulgation expected for 1st January 2012 • 1 year alignment

  4. Short Term Exco feedback 2011 • Short Term Insurance Data Exchange (STRIDE) • On track for 2012 implementation of phase 1 • Acknowledgement – Arnold van der Linde • Support of ILAA regulations for transfer of data and Solvency Assessment Management requirements • Company with independent Insurer and Intermediary Shareholders formed

  5. Short Term Exco feedback 2011 • Section 8(2) “Approval to place Short Term business offshore • Gives comfort to client protection • Finalised and clearly defined protocols for placing business in non approved markets

  6. Short Term Exco feedback 2011 • Directive 156.A.i (ST) - Section 45 STIA –restriction on Interest earnings: • Focus on Environmental, Social and Governance initiatives where the Insurance Industry can influence. • Had the offending paragraph on interest earnings removed. • SASRIA – increase on commission • Strategic Forum for Sustainability of Insurance: • Partnered SAIA in setting up this forum.

  7. Short Term Exco feedback 2012 • Regulatory initiatives: • Rigid enforcement by FSB • Treating Customers Fairly (TCF) – first phases • RE qualifications • Definitions of all streams of revenue earnings and also of “services as intermediary” and “intermediary services”

  8. Short Term Exco feedback 2012 • Critical Success Factors: • Visible “value add” of intermediary role to clients. • Education and Development: • Industry take ownership • Uniformed Industry approach • The need for “Innovation and Pro-active” • alternative solutions to keep ahead of the game • New regimen of communication and delivery to clients

  9. Short Term Exco feedback QUESTIONS???

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