Held at The CTICC Nerina Room on 3 December 2019

Held at Auditorium, 1 Mutual Place, Sandton on 9 October 2019 from 16:30 - 17:30

Held at JHB: Auditorium, Mutual Place, Sandton on 25 September 2019

Welcome and introduction Kuda Mupandawana (ASSA and Deloitte) Funding SME's in South Africa Panel discussion Moderator: Lusani Mulaudzi (ASSA) Panellists: Ndumiso Khoza (Deloitte), Louise Bezuidenhout (Nedbank), Valentine Jingura (FNB), Muzi Mhlambi (BASA), Kudzai Chigiji (ASSA) Q & A Session

The topic was “Infrastructure Investment by Pension Funds” Host: Malizole Mdlekeza - Chairman: ASSA Alternative Investments Forum Panelist 1: Phathutshedzo Mabogo - Deputy Chief Investment Officer: Eskom Pension and Provident Fund Panelist 2: Kholofelo Molewa - CEO: Africa Infrastructure Securities (Infrasec)

Dr Herman Edeling - Medico-legal Examiner and Mediator Mr Lusani Mulaudzi - ASSA President Elect and the CEO of Grassroots Impact Solutions Neeta Khandoo - Physiotherapist Dr Herman Edeling will share his insights on the topic of “The determination of Life Expectancy in Personal Injury and Medical Malpractice claims, with particular reference to the role and limitations of the medical expert, and the complimentary roles of actuaries and other experts.” Mr Mulaudzi will share his view on the role that Actuaries can play in the Medio-Legal space. His presentation will consider the Medico-Legal claims against the State, exactly how big the problem is and what role an Actuary can play to address knowledge gaps and solve the problem. Neeta Khandoo is a physiotherapist with a passion for problem-solving within the health sector. I have a unique combination of clinical experience, research skills, and business knowledge.

Chaired by: Malizole Mdlekeza FIA CAIA CERA - Chairman - Actuarial Society of South Africa - Alternative Investments Committee Speakers: Linda Mateza - Head: Human Resources Management at GEPF (Government Employees Pension Fund Ndabezinhle Mkhize - Chief Investment Officer at Eskom Pension and Provident Fund Lynette Ntuli - Chief Executive at Innate Investment Solutions: Property Development and Infrastructure Asset Management Stuart Bartlett - Department Head: Development Impact Industrial Development Corporation of SA Ltd (IDC) The Alternative Investments Committee aims to expand the reach of the actuarial profession beyond the more traditional areas of actuarial practice. The actuarial skill set is one that can be applied to a broad range of areas, including alternative investments/alternative investment management. One of the asset classes covered by the committee is venture capital (private equity). Within this area, the sub-topics of entrepreneurship and SMME investment are important & topical, on both a general as well as a national/policy level. This sessional brings key players together from the private sector and the public sector, as well as pension funds, to discuss important issues and share insights. Some of the key issues to be discussed include: - The importance of entrepreneurship in SA from an economic, demographic and social perspective, both now and into the future. - Where actuaries can play a role: either in the underlying investment management, in setting strategic asset allocations or in the broader social planning surrounding these issues. - How both the private and public sector can play their part to ensure long term growth/sustainability - How pension funds view the importance of entrepreneurship/SMME investment from an ESG perspective, and how this is currently dealt with in the marketplace. - An ideal model involving all stakeholders in tackling the issue of SMME investment in South Africa

What is the Role of the Actuary in Microinsurance? What is the demand and supply of actuaries in the Microinsurance space? How do the Governance and Operational Standards for Microinsurers compare to those for Insurers? What are the PPR requirements, particularly for Funeral insurance? What are the issues around contract boundaries and pricing for Microinsurance products? These are just some of the questions that David Kirk, Chair of the Microinsurance Committee of the Actuarial Society, aims to cover in the sessional meeting.

The Actuarial Society Academy has pleasure in inviting you to sessional meetings at which André Bellingan will share information on what examiners want, how the examination (and marking!) process works, and various other valuable hints and suggestions. André has extensive experience as principal examiner, so this is a meeting you should not miss if you want that additional “inside information”. Sessional Meeting 4 April 2018.pdf — PDF (76.3 KB)

Insurance companies are increasing their reliance on more rich and varied datasets to manage and operate their businesses. Insurance companies are no strangers to managing data and computer systems and some of the first computers were installed at banks and insurance companies to automate their processes. Over time massive investments have been made in physical data centres, software licence purchases, disaster recovery and data protection measures. Outages can cost companies millions in lost revenue and reputational damage. Investments in computer capacity have traditionally been of a capital nature. Big data has increased the demands on companies to invest in new hardware and software to cope with the every increasing volume and speed at which data is being received and the need to analyse it. In response, many companies are considering making use of cloud computing solutions, where both hardware and software can be “hired” on demand for as long as these resources are needed. This sessional will explore the privacy and security concerns with reference to sensitive health insurance data by expiring the following topics - Regulatory framework (POPI, GDPR and HIPAA) - Data governance - Attribute-based access control - Classification of data by identifiability and sensitive content (PII, QPI and non-PII) - De-identification tenchniques - Re-identification risk for some data - Tracking and auditing data use - Mitigating hacking and ransomware threats We will also consider the approach to assessing the cost implications for moving part or all of your data to the cloud instead of investing in an on-premises big data warehouse. Presented by: • Ashleigh Theophanides • Anton Gerber • Matt Zylstra Sessional Meeting - Big Data in the Cloud 27 March .pdf — PDF (62.3 KB)

The sessional meeting will provide feedback from the FSB. Discussion will include various industry statistics, the status with regard to Twin Peaks, the importance of TCF and the latest FSB Appeal Board rulings. Sessional Meeting - ASSA RMC FSB Feedback 14 March 2018.pdf — PDF (60.1 KB)

You may have been accustomed to “Treating Customers Fairly” (TCF). Recently, Council has agreed to replace the TCF Committee with the “Market Conduct Committee”. The focus of the Committee is to actively support the development and thought leadership of actuarial practice in the context of market conduct through the development of Standards of Actuarial Practice and Actuarial Practice Notes, and the provision of CPD events. In other words, a broader remit than TCF in isolation. In light of the above, members from the Market Conduct Committee will highlight key features of the Committee, providing insights of how members could interact with the Committee. The presenters in Johannesburg are Neil Savage, Peter Johnstone and Tamar Lewis.

This channel contains recordings from sessional meetings as well as podcasts and other audio material of value to actuaries and actuarial students in South Africa. Short Term Insurance Sessional Meeting

This channel contains recordings from sessional meetings as well as podcasts and other audio material of value to actuaries and actuarial students in South Africa.

So how does one cope with this? How does one structure a sensible approach to the remaining exams? How does one make sure those hours spent studying really count in the end? At the request of the ASSA Academy, Dave Strugnell will address these questions, and some recent qualifiers will share the secrets of their success, too.

Traditionally DB schemes provided pensions (sometimes indexed) and retirees had little to worry about, provided the scheme was well funded or the employer was able to maintain long term support. However, as pension scheme design is now changing around the world with the growth of DC arrangements, many retirees face the bewildering task of ensuring that their lump sum lasts as long as they do. There is no simple answer. The decumulation process is much more complex than the accumulation years. Dr David Knox will reflect on the Australian experience, where there has been a compulsory DC experience for 24 years, and the tensions and options that providers, retirees and regulators face.

The Life Assurance Committee: Sessional meeting where Francesco Nagari provides an update on the IASB Staff’s progress in drafting of the new standard (likely to be named IFRS17) and the likely next steps and timing from here. He also talks about some of the more recent conceptual developments since the 2013 Exposure Draft and speculate on some of the business and financial impacts these decisions will have.

Peter Temple, Oversight Examiner for Communications, has agreed to share hints with candidates on how to approach this examination and how to answer the paper, as well as other information that will increase your chances of success.

The Taxation Laws Amendment Bill, 2015 (“TLAB 2015”) was passed by the National Assembly on the 27 November 2015 and then later passed by the National Council of Provinces on 1 December 2015. The TLAB 2015 has been proclaimed in the Government Gazette on 8 January 2016 and is now the Taxation Laws Amendment Act of 2015 (“TLAA”).

The Wider Fields Practice Area is intended to cover new and emerging fields of practice where actuaries through their particular skill-set and/or experience could play a leading role. The Wider Fields Practice Area Committee seeks to both recognize and promote awareness of the existence of such practice areas among members. Speakers Machiel Kruger - Predictive modelling using survival data mining (Part 1) FC de Vos - Advanced analytics on a shoestring (Part 2)

This channel contains recordings from sessional meetings as well as podcasts and other audio material of value to actuaries and actuarial students in South Africa.

This channel contains recordings from sessional meetings as well as podcasts and other audio material of value to actuaries and actuarial students in South Africa.

Investment Seminar: Nicola Comninos, Chartered Financial Analyst (CFA), heads up Equities, Equity Derivatives and Business Intelligence at the Johannesburg Stock Exchange (JSE). She is currently responsible for Equities and Equity Derivatives product management, market and product innovation, client partnerships and new business origination as well as the JSE Business Intelligence function. She is the business owner of the JSE Equity Market and Equity Derivatives Markets Trading Advisory Committees, sits on JSE Retail Advisory Committee and is a trustee of JSE Pension Fund. Nicola also holds B.Com Honours Investment Management (Cum Laude) and B.Com Investment Management (Cum Laude) degrees . She was previously employed as an Investment Consultant at acsis Limited and an Assistant Actuary at mCubed Life.

Investment Seminar: Tom is currently responsible for the appraisal, analysis, and portfolio management of infrastructure and development assets for the Old Mutual Group. He is Chairman of the African Infrastructure Investment Managers (AIIM), a company jointly owned by Old Mutual Investment Group and Macquarie Bank, which manages a range of infrastructure funds. He is a Director of Setsing Financial Services and the Community Growth Management Company, both asset management companies. He is chairman of the N3 Toll Concession Company and a director of Bakwena Platinum Corridor Concession Company, Railway Systems (Zambia), New Limpopo Bridge and Rainprop.

Investment Seminar: Brandon is a qualified actuary with over 14 years' experience in financial services including: retail financial advice/wealth management; investment product development; regulation; institutional investment consulting; investment banking and asset management. Brandon currently works at HSBC Bank Plc as Head of Financial Planning where his team is responsible for the retail bank's financial advice proposition. Previous roles include having worked at the Financial Services Authority (FSA) as a Technical Specialist focused on asset management firms; a Portfolio Manager at Morgan Stanley Investment Management responsible for structured investment funds as well as previously in the Pension Solutions team in Morgan Stanley's Global Capital Markets area; and, as an investment consultant in Watson Wyatt's investment consulting business with a focus on applying derivatives to help pension funds manage risk. Brandon holds a M.Sc. in Finance and Economics from the London School of Economics as well as undergraduate degrees in Statistics, Actuarial Science and Mathematics of Finance from WITS University.

Investment Seminar: Henk Langenhoven joined SEIFSA in October 2011 as Chief Economist. He has previously worked as the Executive Director of the South African Federation of Civil Engineering Contractors, as Economist at the same organisation, as a Lecturer in Economics at Stellenbosch University and as an Economist in the Office of the Economic Advisor to the Sate President. Langenhoven holds a Bachelors degree of Arts majoring in Political Science, Africa Studies and Economics, an Honours Degree of Arts in Political Science and a Master’s degree of Economics, all from Stellenbosch University.

Investment Seminar: Andrew Canter has been with Futuregrowth Asset Management, the fixed interest boutique of OMIGSA, since 1998. He is a Director and Chief Investment Officer of Futuregrowth, and is Chairman of the Credit Committee and Investment Committee. Andrew was a founding Board member of CFA South Africa, and he is active on bond related committees of ASISA. He has served on the boards of various infrastructure related entities such as Trans Africa Concessions (N4 toll road), N3 Toll Concessions (N3 toll road), Infrastructure Finance Corporation (municipal finance) and as Chairman of the South Africa Infrastructure Fund

Investment Seminar: Franscois Groepe was first appointed by the President of the South Africa to Board of the South African Reserve Bank (‘SARB’) in July 2004 as a Non-Executive Director and joined the Executive of the SARB as Deputy Governor in January 2012. He serves as chairman of both the South African Bank note Company and the South African Mint and is a member of the monetary Policy Committee, Governer’s Execute Committee and Financail Stability Committee. Previously he was the Group Managing Director en CEA of Media 24. He holds BCom (Hons), MBA and LLM degrees, and a Postgraduate Diploma in Tax Law. He is a Chartered Management Accountant and an Advocate of the High Court of South Africa.

Health CPD Seminar: Medical scheme investments - why adopt conservative approach? Presented by Roshan Bhana who holds a Bachelor of Economic Science degree from the University of Witwatersrand and is a fellow of both the Institute of Actuarial Society of South Africa since January 2007. He is currently the Head of the Technical and Actuarial Consulting Solutions division of Alexander Forbes Health. ASSA presentation — PDF (599.7 KB)

Health CPD Seminar: Measuring in-hospital claim volatility for more accurate claim forecasting. The presentation considers the concept of risk pools and risk pooling that goes to the heart of the business of a medical scheme. Risk pool arguments have been used in the past by the regular to limit medical savings 25%, to encourage smaller schemes to amalgamate and to restrict the number of benefits options allowable. The presentation focuses on risk pooling as a means to manage catastrophic risks and to manage fluctuations in non-catastrophic risks. Presented by Gary Scott who is a consulting Actuary specialising in financial and risk management aspects of health care in South Africa. 20150506 ASSA presentation_Claims volatility — PDF (1.2 MB)

Health CPD Seminar: Predictive modelling of future healthcare outcomes. Presented by Sarah Bennet and Stefan Strydom. Predictive modelling of future healthcare outcomes — PDF (550.3 KB)

Health CPD Seminar: Update on Competition Commission Submissions. Presented by Barry Childs who is a joint CEO of Insight Actuaries & Consultants. Barry Childs - CPD — PDF (833.9 KB)

Health CPD Seminar: Low cost health insurance plans - models in Africa and the rest of the World: In theory the low cost medical insurance market is a huge untapped opportunity across large parts of the World, where volumes should compensate for lower premiums and margins. But it has proven surprisingly difficult to address this market in a sustainable manner. This presentation will describe a few models that we have seen in Africa and elsewhere and will touch on what we believe make some of them successful and others not. Presented by Willem Claasen who is qualified as an actuary in 2000. ASSA presentation W Claasen. — PDF (2.4 MB)

Health CPD Seminar: Medical insurance. An affordable means to widening the Medical aid net and brief reflection on moral philosophy in understanding the need for change. - Presented by Richard Blackman who is currently a Founder/Principal shareholder/ Key individual of Day1 Health (Pty) Ltd since 2002 and the Founder/Principal shareholder of 1Doctor Health (Pty) Ltd since 2010. ASSA Presentation - Richard Blackman Final — PDF (2.7 MB)

Health CPD Seminar: Cost drivers and low cost benefit options - Presented by Emile Stipp who is a health care actuary with more than 18 years' experience. ASSA Healthcare inflation and LCBO — PDF (1.0 MB)

Health CPD Seminar: Low cost benefit option framework - The presentation today provides background to the Low Cost Benefit option framework that the Council has embarked upon and the progress to date regarding the framework - Presented by Mr Paresh Prema who is a qualified Actuary and is the general manager of the benefits management unit at the Council for Medical Schemes. LCBO ASSA Healthcare CPD Seminar — PDF (589.8 KB)

Health CPD Seminar: LIMS revisited - The Low Income Medical Scheme (LIMS) consultative forum investigated the requirements of the low income market and proposed a framework for extending coverage. The Finmark Trust has also done some work in this space. My talk will revisit some of this prior work to provide some context to the current discussions. - Presented by Roseanne da Silva who is an independent consulting actuary who has been working in the South African healthcare field since 1993. LIMS Revisited ASSA Healthcare CPD Seminar — PDF (532.2 KB)

2015 Life Assurence Seminar: "The Role of the Appointed Actuary and CRO" - Presented by Jan Lubbe MMI CRO, Craig Falconer and consultant stat act, David Jewell AA and CRO.

2015 Life Assurence Seminar: "An initial study into the lapse experience of new generation risk products" - Presented by Stephen Burgess and Richard van der Berg. An Initial Study into the LApse Experience of New Generation Risk Products — PDF (1.3 MB)

2015 Life Assurence Seminar: "Regulatory Update" - Presented by Ian Marshall. Regulatory Update — PDF (229.4 KB)

2015 Life Assurence Seminar: "Are Boards in SA suitably staffed from an actuarial perspective to deal with SAM" - Presented by Nina Le Riche (CPT), Conrad Backeberg (CPT), Gerdus Dixon (CPT), Desmond Smith, Mark Victor (JHB), Rob Williams (JHB) and Tim Bashall (JHB).

2015 Life Assurence Seminar: "EV Calculation in a SAM World Part 2" - Presented by EV Subcommittee

2015 Life Assurence Seminar: "EV Calculation in a SAM World Part 1" - Presented by EV Subcommittee EV Calculation in a SAM World Part 1 — PDF (228.3 KB)

2015 Life Assurance Seminar: "How low can we go? A discussion on whether life microinsurence schemes offer value at low claims" - Presented by Nigel Bowman. How Low Can We Go? A Discussion on Whether Life Microinsurance Schemes Offer Value at Low Claims Ratio (pdf — PDF (438.6 KB)

2015 Life Assurance Seminar: "IFRS4 Phase 2: The implications of the Proposed Treatment of Participating contracts for SA Life Insurers" - Presented by Alex Roux and Carolyn Clark. IFRS4 Phase 2: The Implications of the Proposed Treatment of Particiapting Contracts for South African Life Insurers

2015 Life Assurance Seminar: "Is Intergenerational Smoothing Fair to Clients" - Presented by Paul Truyens and Paul Lancaster. Is Intergenerational Smoothing Fair to Clients — PDF (157.1 KB) · Is Intergenerational Smoothing Fair to Clients — PDF (699.0 KB)

Without inflation protected DB pensions, people need decision making tools (financial calculators) to make informed and consistent decisions about savings and investment for retirement, and the pattern of consumption over their lifetimes. For investment they need a framework to trade off risk and return. They may also need to make a trade-off between leisure and consumption in particular deciding on retirement. The calculators will need to use utility functions that allow for a consistent approach to the trade-offs. This paper examines the assumptions underlying some of the common utility functions in the financial literature. It suggests alternatives that are simpler, more consistent with observations about observed behaviour, and may be more appropriate to use in financial calculators and in giving financial advice. The results are illustrated using two examples of different post-retirement income trajectories, which can perhaps be used to elicit people’s underlying utility functions. The paper will be presented by Anthony Asher, who is co-ordinating an Australian academic/industry study on the development of financial planning calculators.

The Retail Distribution Review (RDR) could be one of the most significant current developments in the financial services industry. In the United Kingdom, RDR became effective from 1 January 2013, due to a drive to increase transparency for investors. The RDR released by the Financial Services Board (FSB) is essentially aimed at aligning insurance distribution models with Treating Customers Fairly (TCF) outcomes. Some financial services companies may have to adapt their current business models to comply with new requirements.

The Chief Actuary will provide a regulatory update including feedback for the past year and current developments. The presentation will cover, amongst others, the following issues: Statutory actuarial valuation reports; Policy matters and regulatory review calendar; Financial soundness and prescribing a valuation basis; Regulation 35(4) & unclaimed benefits; FSB Appeal Board rulings; and Professional conduct of valuators.

The Role of an Actuary in an ever changing Regulatory Environment. Presented by Francois Hugo, Actuary to the Road Accident Fund and a member of the Damages Committee, as well as Tommie Doubell, Pension fund Actuary and Chair of the Retirement Matters Committee will debate the role of an Actuary in an ever changing Regulatory Environment. They will answer questions such as 1. How does the Actuary adapt to this ever-changing environment? 2. How does the Actuary adapt to an environment with a lack of regulatory framework? 3. What makes the industry you are practising in different to the others?

For decades actuaries have played an important role in the design and interpretation of data. However, after exponential growth in computing power and volumes of data, this landscape has changed immensely. Innovative exploitation of exploding data is quickly gaining traction in several industries and leadership programs. There is a competitive edge waiting to be discovered from in-house data and limitless external sources of data. Planning, sourcing, warehousing and analysing data, and implementing knowledge from data has become a multidisciplinary process and actuaries are being expected to give advice on data opportunities and data mining strategies.In light of the above, members from the newly formed Business Intelligence Member Forum will discuss customer segmentation and the adapting role of actuaries in this changing business environment. The presenters are FC de Vos and Francois Marais.

Pensions Conference: "Tax amendments and implications on DB schemes" - Presented by Arthur Els. "Tommie Doubell" - Presented by RMC Feedback and Conclusion.

Pensions Conference: "Rules of DC funds and the responsibility of the actuary in approving their financial soundness" - Presented by Gert vd Linde and Pierre Reyneck (independent lawyer). "Challenges the actuarial profession poses" - Presented by Muvhango Lukhaimane -The Pension Fund Adjudicator.

Pensions Conference: "Trends in DC and rethinking of benefit design". Presented by John Anderson and Kelsy Moodley.

Pensions Conference: "Treating Customers Fairly" - Presented by Lizzie Vambe."The roles played by actuaries in the supervision of retirement funds in South Africa: challenges and opportunities identified by the registrar" - Presented by Rosemary Hunter

How active is your fund manager? Active Share and mutual fund performance. Presented by Antti Petajisto Portfolio Manager BlackRock Multi-Asset Strategies.

SA and The Financial Sector – The Way Forward. Presented by Leon Campher Chief Executive Officer Association for Savings & Investment SA.

The role of an Actuary as a CFO or CRO. Presented by Andrew Birrell Chief Financial Officer Guardian Financial Services Limited.

Sustainability and Responsibility in Investing. Presented by Roger Urwin Global Head of Investment Content Towers Watson

New bond indices and other JSE index developments. Presented by Mark Randal Manager Indices Johannesburg Stock Exchange.

A Much-Needed Wake-up Call for Pension Fund Professionals – What really matters in delivering outcomes. Presented by Anne Cabot-Alletzhauser Head Alexander Forbes Research Institute.

Own Risk and Solvency Assessment presented by David Hare, hosted by the Life Assurance Committee.

Retirement Matters Committee Sessional Meeting - Alexander Forbes’ LDI Survey - Presented by Dwayne Kloppers.

Actuaries and Social Media Sessional Meeting - Presented by Emma Sadleir.

NHI Sessional Meeting - Presented by Roseanne Da Silva, Fatima Badat and Ashleigh Theophanides.

This channel contains recordings from sessional meetings as well as podcasts and other audio material of value to actuaries and actuarial students in South Africa.

“Incentivising non-retirement savings” and “Improving tax incentives for retirement savings” by Natasha Huggett-Henchie, Neville Strohmenger and Nicky Holtzhausen

This channel contains recordings from sessional meetings as well as podcasts and other audio material of value to actuaries and actuarial students in South Africa.

Pensions Conference:"Enterprise Risk Management and the Pensions Actuary" - Presented by Arthur Els. "The position of DC Fund members: What should we be doing?" - Presented by Megan Butler.

Pensions Conference: Marius Du Toit - FSB Feedback, Tommie Doubell - RMC Feedback, and Natasha Huggett-Henchie - PGN Feedback.

Pensions Conference: Providing pensions from a DC retirement fund – The cases for and against - Presented by John Anderson and Erich Potgieter.

Pensions Conference: "The world and SA beyond 2012 : Latest scenarios, flags and probabilities" - Presented by Clem Sunter. "What retirement funds should be doing with their retiring members"- Presented by David McCarthy.

Various SAM Task Groups have been working hard on the recalibration of the non-life parameters within the standard formula. This includes the non-life premium and reserve risk and the non-life catastrophe risk sub-modules. The recalibrated standard formula forms part of the second Quantitative Impact Study considering the impact of the new SAM regulatory framework. Eugéne van der Westhuizen chairs the Non-Life Underwriting Risk Working Group (formed by the Capital Requirements Task Group) and has been at the centre of the recalibration process. He shares insights around the recalibration process and the updated parameters for the non-life premium and reserve risk and the non-life catastrophe risk sub-modules. Sias Esterhuizen provides some valuable comments on how to gain the most value from completing QIS2. Eugéne van der Westhuizen heads up the non-life actuarial department at Hannover Re Africa Ltd and Sias Esterhuizen is a Senior Consultant at Alexander Forbes Insurance Consulting”

Sessional Meeting - LT Challenges and pitfalls experienced in SAM QIS1

Sessional Meeting - ST Challenges and pitfalls experienced in SAM QIS1

Sessional Meeting - FSB Report on SAM QIS1 Results.