Actuarial Society of South Africa

Actuarial Society of South Africa
Founded 1948
Type Professional Organisation
Area served
South Africa
Key people
Peter Temple (current President), Roseanne da Silva (President Elect)
Website www.actuarialsociety.org.za

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

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

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 the Institute and Faculty of Actuaries in the United Kingdom, the Actuaries Institute in Australia and the Society of Actuaries in Ireland.

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:

Current affairs

Membership

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

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.

Past Presidents of the Actuarial Society

By convention, presidents of the Actuarial Society take office following the AGM at the Actuarial Convention, usually held in October or November. In 2001 their term was 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.

References

  1. "Council". actuarialsociety.org.za. Retrieved 23 April 2015.
  2. "Profiles and Interviews". actuarialsociety.org.za. Retrieved 29 November 2012.

External links