SAM Focus - Corporate governance, risk management and internal control framework for South African insurers

With the effective date of the new Insurance Act now moved to out to 1 January 2017, insurers have an additional year to improve and embed the Solvency Assessment and Management (SAM) requirements, which includes the calculation and reporting process, within their business as usual (BaU) environment.

From an audit perspective, the Financial Services Board (FSB) will require the SAM Balance Sheet, the Solvency Capital Requirement (SCR), Minimum Capital Requirement (MCR) as well as other key disclosures, such as the Analysis of Surplus (“AoS) to be audited. However, the FSB will also require insurers to carry on with the comprehensive parallel run (CPR) in 2016 until the implementation of SAM. The 2016 CPR submissions will be subject to external audit.

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