Insurance Glossary
Regulatory Compliance
An overview of the frameworks South African short-term insurers report and comply against.
The frameworks behind the acronyms
IFRS 17, SAM, SCR, and POPIA each cover different ground, financial reporting, solvency and governance, capital adequacy, and data protection, but insurers have to satisfy all of them at once.
IFRS 17
The international accounting standard for insurance contracts, covering measurement models and disclosures.
SAM (Solvency Assessment and Management)
South Africa risk-based solvency framework, covering governance, risk management, and reporting.
SCR (Solvency Capital Requirement)
The capital an insurer needs to hold against underwriting, market, credit, and operational risk.
POPIA
South Africa data protection law, governing how insurers handle personal information.
See how Insutec supports compliance
Get a walkthrough of how Insutec handles IFRS 17, SCR, and SAM reporting.