Actuarial Society of South Africa

Actuarial Society of South Africa
Actuarial Society of South Africa logo
Founded 1948
Type Actuarial Professional Organisation
Area served
South Africa
Past President
 Roseanne Murphy Harris
President
 Peter Withey
Chief Executive Officer
 Mike McDougall
Website www.actuarialsociety.org.za

The Actuarial Society of South Africa (ASSA) is the governing body for the actuarial profession in South Africa.

The Actuarial Society looks to provide advice and thought leadership in the understanding, modelling and management of financial and other measurable risk. In order to achieve these goals, the Society aims to grow the reputation of the actuarial profession in South Africa; develop the knowledge, expertise and skills of members; and importantly develop the demographic representation of the profession in a way that supports transformation in South Africa.[1]

Prior to 2010, fellowship of the Society was obtained through exams written through other recognised actuarial organisations, mostly the Institute of Actuaries in London or the Faculty of Actuaries in Edinburgh. Since 2010, fellowship has been obtained by passing a set of prescribed examinations of the Actuarial Society of South Africa.

Following qualification, Fellow members may add FASSA (Fellow of the Actuarial Society of South Africa) after their names and Associate members may add AMASSA (Associate Member of the Actuarial Society of South Africa). The FASSA qualification has mutual recognition with a number of other actuarial bodies including the Institute and Faculty of Actuaries in the United Kingdom,[2] the Actuaries Institute in Australia[3] and the Society of Actuaries in Ireland.[4]

History

The history of the Actuarial Society of South Africa began with the Actuaries' Club, which was formally established on 14 June 1937. The Actuaries' Club served the purposes of bringing the actuaries in the country together and operated in two sections, one in Johannesburg and one in Cape Town.

While the Actuaries’ Club did some useful work in connection with draft legislation and the protection of the status and interests of actuaries, it was more suited for social purposes. Consequently, the Club was disbanded and the Actuarial Society of South Africa was established. Its inaugural meeting was held in Johannesburg on 22 December 1948. At the time, there were 42 people with actuarial qualifications in the country.

This event was celebrated at the Actuarial Society’s Jubilee Convention in 1998, which was preceded by the first meeting on African soil of the International Actuarial Association (IAA).

Timeline of key events:

  • 1948 - The Actuarial Society of South Africa holds its inaugural meeting on 22 December.
  • 1966 - SA 56-62 Mortality Tables are published.
  • 1972 - The first annual Convention is held in Sea Point.
  • 1973 - The first Murray Medal is awarded to Tom Murray.
  • 1978 - The JSE Actuaries Index is launched.
  • 2001 - Volume 1 of the South African Actuarial Journal is published.
  • 2009 - The South African actuarial qualification is formally launched on 23 November.
  • 2010 - The Actuarial Society of South Africa hosts the 29th International Congress of Actuaries from 7–12 March, the first time the event is held in Africa.[5]
  • 2012 - Desmond Smith is the first actuary from Africa to serve as IAA President.
  • 2015 - ASSA becomes the first actuarial association internationally to offer a banking subject at the fellowship level.

Current affairs

  • For the Society's current term of office (2016-2017), the President is Roseanne Murphy Harris[6]
  • Since 2010, the Society has transformed into a full service professional organisation, including the development of the local education system, and significant constitutional changes.
  • In April 2015, the Actuarial Society announced the introduction of a new fellowship subject, namely banking. The Society is the first actuarial association globally to offer a banking subject at the fellowship level. The first exams took place in November 2015.

Membership

The Actuarial Society of South Africa has the following classes of membership:

  • Fellow member (FASSA) - one who has successfully completed the Fellowship examinations and has met the prescribed requirements on professionalism
  • Associate member (AMASSA) - one who has successfully completed the Associateship examinations and has met the prescribed requirements on professionalism
  • Student member - one who has such educational qualifications and who is following a course of study for the prescribed examinations
  • Affiliate member - one who has such educational qualifications and is active in such areas as may be prescribed
  • Library member - one who has an interest in actuarial science but is not eligible for membership in another class
  • Honorary member - one who has rendered particularly valuable assistance in promoting the objectives of the Actuarial Society.

The Associateship training provides a general background in financial risk management, while the Fellowship training builds on the base of subjects required for the Associateship and provides an in-depth specialization in one of the main practice areas. The Fellowship designation is required for statutory roles in South Africa.

The Actuarial Society is also accredited to award the designation of Chartered Enterprise Risk Actuary (CERA) which enables actuaries to apply their acquired skills as enterprise risk management (ERM) practitioners. FASSA or AMASSA is a pre-requisite designation for the award of CERA.

Former presidents of the Actuarial Society

Prior to 2001, presidents of the Actuarial Society would take office following the annual general meeting at the Actuarial Convention, usually held in October or November each year. In 2001, their terms were changed from one to two years and the office of Immediate Past President was abolished. In 2009, the President's term was changed so that the handover occurred at the end of the calendar year.

  • 1948– D Spence-Fraser
  • 1988–1989 Donald Fabian
  • 1992–1993 Peter Milburn-Pyle
  • 1993–1994 Mike Levett
  • 1994–1995 Douglas Keir
  • 1995–1996 Desmond Smith
  • 1996–1997 Steve Handler
  • 1997–1998 Reg Munro
  • 1998–1999 Blignault Gouws
  • 1999–2000 Paul Truyens
  • 2000–2001 Mike Codron
  • 2001–2003 Joubert Ferraira
  • 2003–2005 Janina Slawski
  • 2005–2007 Adrian Baskir
  • 2007–2009 Garth Griffin
  • 2010–2011 Peter Doyle
  • 2012–2013 Themba Gamedze
  • 2014–2015 Peter Temple
  • 2016-2017 Roseanne Murphy Harris
  • 2018-2019 Peter Withey

See also

References

  1. ↑ "Goals and Vision". Actuarial Society of South Africa. Retrieved 16 May 2017.
  2. ↑ "Mutual Recognition". Institute and Faculty of Actuaries. Retrieved 16 May 2017.
  3. ↑ "Mutual Recognition Agreement". Actuaries Institute (Australia). Retrieved 16 May 2017.
  4. ↑ "Mutual Recognition Agreement". Society of Actuaries in Ireland. Retrieved 16 May 2017.
  5. ↑ "ICA 2010 International Congress of Actuaries". International Congress of Actuaries. Retrieved 16 May 2017.
  6. ↑ "Council". Actuarial Society of South Africa. Retrieved 16 May 2017.
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