You may be aware that our Senior Consultant Lance Randles is co-founder of the South African Actuarial ConneXion (SAAX) Group, and on 19th July a Solvency II Panel Discussion was hosted at the Staple Inn, London.
Here is the write up, originally published at http://www.saaxgroup.org/blog/2012/08/21/event-report-from-the-solvency-ii-panel-discussion
More than 50 Southern African actuaries and guests gathered at Staple Inn on the evening of 19 July to participate in a lively panel discussion on Solvency II, which was expertly chaired by Marjorie Ngwenya.
Seamus Creedon, Non-Executive Director at MetLife and Solvency II Project Manager at Groupe Consultatif Actuariel Europeen talked about the history of Solvency II, the divergence of interest rates in the Eurozone and whether Solvency II can be implemented while markets remain unstable.
Greg Becker, Product Development Actuary at RGA, talked about the unintended consequences of Solvency II, for example, will Solvency II be anticompetitive in that it will help the multinational composites at the expense of the small mutuals? Greg asked some "what if" questions, for example, what if composite companies move their head office or sell books of business to avoid Solvency II regulations? Greg posed the controversial question as to whether the £2 billion spent on Solvency II could have been better spent.
Mark Baxter, Group Chief Actuary and Deputy CRO of Old Mutual, spoke about his practical experience of what Solvency II will do for us and the possible pitfalls. Mark questioned whether Solvency II encouraged diversity of thought as every director does not need to be a technocrat. According to Mark, the regulators can be too focused on the model and we need to distil Solvency II into simple messages.
After numerous questions from the floor, which generated considerable debate, Joanne Young from Star Actuarial Futures spoke briefly about the recruitment market and the demand for Solvency II experience.
The event was kindly sponsored by Star Actuarial Futures and a prize was awarded to Angela Aylett for the best question asked, as judged by the acting SAAX Group chairperson, Sarah Bennett.
AGM and our new SAAX Group chairperson
We would like to extend a warm Southern African welcome to Marjorie Ngwenya, who was confirmed as our new chairperson at the SAAX Group AGM.
A huge thank you to Adrian Baskir, our outgoing chairperson and founder of SAAX Group, for his vision and leadership since 2009.
Adrian Baskir will remain on the Committee and the other eight Committee members are Adele Groyer, Lance Randles, Kelvin Chamunorwa, Coenraad de Bruin, Victor Mutanga, Natasha Rademeyer, Otto Beyer and Sarah Bennett. We encourage all SAAX Group members to read the new SAAX Group constitution.
Photos and press coverage
Please look out for the article in an upcoming edition of The Actuary magazine. A link to this article will be included on the SAAX Group website as soon as it is available – www.saaxgroup.org.
Photographs (courtesy of The Actuary magazine) are available on the SAAX Group Gallery page.
Next SAAX Group event - Henry Olonga
The next SAAX Group event will feature Zimbabwean former national test cricketer Henry Olonga and will be held on Tuesday 23 October. This event is open to partners and friends of SAAX Group members and more details will follow - please block the evening in your diaries as this event is not to be missed!
Henry was a right arm fast bowler and made his international debut in 1995, becoming the youngest player to represent Zimbabwe. He received international recognition at the 2003 Cricket World Cup by protesting against government policies, which forced him to retire from international cricket. He is now pursuing a career as a singer and artist and is an emerging tenor – his singing will be on display on the night!