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“Professional body status” granted by SAQA to the IISA







On the 28 November 2012, The South African Qualifications Authority (SAQA) awarded PROFESSIONAL BODY STATUS to the Insurance Institute of South Africa (IISA) for the short term insurance industry and recognition of their professional designations.


David Harpur CEO, of the IISA commented, “the award is confirmation of our status built over many years of serving the industry as an Professional Body. We will continue working in close contact with other local Insurance Institutes in South Africa and with the important industry bodies like SAIA, FIA, FPI, IRMSA, POA, SAUMA, FSB, INSETA and ILA whilst providing services to our professional members”.


Professional Development Manager, Charmaine Koch, who worked tirelessly in submitting the required documentation and being involved with the strict audit of all the IISA business practices,  professional standards procedures and governance, is elated the IISA have received the recognition of official PROFESSIONAL BODY STATUS, which she says enhances all our individual professional members who enjoy our new “officially” recognised designations of Licentiate (LIISA), Associate (AIISA) and Fellow (FIISA). 


Harpur further commented, “this recognition is also a great step in building towards one of the goals of the ‘Hyde Park Accord’ in the registration of the designations of LIISA, AIISA, FIISA which we are working hard to have specifically endorsed by the CEO’s of all Insurers, Reinsurers, Intermediaries and Underwriting Managers as a requirement for employment and career progression in the insurance industry”.

Source: IISA
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Measures the rate of change in bond duration with respect to changes in interest rates. Positive convexity occurs when durations shorten as interest rates rise or lengthen as interest rates decrease. Negative convexity occurs when durations lengthen as interest rates rise or shorten as interest rates decrease.
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