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The South African Insurance Industry Survey 2016 | 17

“We expect Non-Executive Directors
to pose tough questions to executive
management, based on robust
MI that explains what is really happening
to the business; to the firm’s risk profile;
to its underwriting and reserving controls;
its capital requirement and what, if any,
innovation the firm is taking in reinsurance
or new product propositions.”
Chris Moulder*

The FSB has provided high level verbal feedback to some
firms and is expected to provide high level individual
written feedback in due course. No overall industry
feedback on quality has been provided to date. We expect
that the FSB’s views on ORSA will continue to evolve as
the industry ORSAs improve. So it can be expected that
the bar will rise each year as ORSAs improve. What may
have been sufficient one year may not be adequate the
next. Constant assessment, feedback and improvement
loops are required.
Feedback from Regulators in other countries can provide
useful guidance to South African companies, here follows
a summary of some recurring themes.

*Quotes taken from “Current regulatory issues and PRA expectations in current market conditions” – speech by Chris Moulder on 04 April 2016.