SAM focus - IFRS 4 vs. SAM

With the development phase of Solvency Assessment and Management (SAM) heading towards finalisation, South African insurers will be faced with the practicalities of implementing SAM during 2014 and 2015 as part of the SAM parallel runs before it becomes effective in 2016. Most insurers are currently working on their compulsory Quantitative Impact Study (QIS 3) submissions, which are due by the end of April 2014. Although QIS 3 does not represent the final SAM requirements, the results will give a reasonable indication of the impact of SAM as well as an idea of the challenges and the effort needed to produce the SAM numbers.

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