1. FINANCIAL SERVICES BOARD Report on Insurance Industry
Number increased from 152 to 161
LIFE INDUSTRY
Premium income R111,9bn (+11%)
Total income R145bn (+9%)
Benefits paid R105bn (+6%)
Total assets R637bn (+5%)
Free assets : CAR 80% more than 2 x
NON LIFE
Premium income R23,7bn (+4%)
Total assets R32,6bn (+2,2%)
Surplus assets ratio 76% above 50% (2 x cover)

2. FINANCIAL SERVICES BOARD Regulatory Developments
New Long-term returns plus QUARTERLY return
Policyholder Protection Rules
Group scheme administrators (funeral business)
Unregistered operators
Demarcation with medical schemes
New focus
On site visits
Supervision of risk management
Conglomerate Supervision
Corporate Governance
Adherence to international standards 2

3. FINANCIAL SERVICES BOARD Other Issues
International Liaison (IAIS)
SADC and training programmes
Special projects:
Reinsurance
Securitisation
Outsourcing
e-commerce
Solvency norms
Training of new analysts
Cost of supervision 3