The Insurance Institute of South Africa | Annual General Meeting Highlights

Memorandum of Incorporation
The Memorandum if Incorporation was reviewed through the use of an independent Corporate Governance company to ensure alignment with the Companies Act and best governance practice.

Memorandum of Incorporation

The Memorandum if Incorporation was reviewed through the use of an independent Corporate Governance company to ensure alignment with the Companies Act and best governance practice. The Reviewed Memorandum of Incorporation was circulated to the members in June 2020 with a summary of the material changes. It is with pleasure to report that the Memorandum of Incorporation has been approved by members.

Update from the Audit and Risk Committee

The Chairperson of the Audit and Risk Committee presented the Audited Financial Statements (AFS) and indicated that we had an unqualified audit. The AFS was approved by members.

Update from the Social and Ethics Committee

The Social and Ethics Committee Chairperson highlighted that the institute is focusing on economic transformation and inclusivity, employment equity, employee relations, community development and improving stakeholder relations as well as improving the impact on the environment

Election of Themba Baloyi as the New President & Chairperson

Mr Baloyi is a Co-Founder of Sithega Holdings, with a focused purpose to invest in companies that enable the magic of financial freedom to be accessible to all. He has more than 18 years in the financial services business leading product innovation creation and business processes design.

He founded Discovery Insure Limited, a Short-term Insurance Company launched in 2011. The Discovery Insure work propelled him to win the 2018 AABLA Entrepreneur of the Year Award. He was honoured as a 2015 World Economic Forum Young Global Leader.

Election of New Board Member Peter Olyott

Peter is currently the Chief Executive Officer at Indwe Broker Holdings (Pty) Ltd, he is on the board representing the views of insurance brokers and Financial Intermediaries Association of Southern Africa (FIA) in particular.

His insurance experience and areas of expertise include Corporate Risk & Insurance Programs; Corporate, Commercial & Niche Insurance; Management of Corporate & Commercial Broking Management of Personal Lines; Niche Product Underwriting Management, and Development & Implementation of Strategy.

Looking Ahead

Themba Baloyi, the new President and Chairperson of the institute presented the road ahead and focused on purpose, vision, mission, service offering, and strategic objectives,

Purpose: To elevate the credibility of the insurance profession
Vision: To be the leading professional body in insurance bringing prestige to the profession
Mission: To elevate and transform the insurance profession by continuously delivering quality programmes that contribute to skills development in the industry
Service offering: IISA accredits insurance professionals and provides programmes for skills development in the insurance industry.

Going forward the IISA will be hosting sessions with various leaders in the industry themed: 'In confidence with the leaders'. The first session will feature Nico Conradie the CEO of MunichRe, the date will be announced in the near future.