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.
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…