FIA Structure

The FIA is a non-profit organisation which is governed by a board of directors, democratically elected by its members. The association is managed by a full-time secretariat and is headed by the chief executive officer. The FIA operates nationally via seven provincial divisions and 25 branches.

Executive Committees

Five executive portfolio committees representing healthcare, short-term insurance, employee benefits, education and financial planning formulate and discuss FIA policy guidelines. These committees consist of industry experts who meet regularly to provide input and expertise from various disciplines within the industry. All the committees seek to address legislative and regulatory matters governing their respective fields as well as operational issues that impact on intermediaries in different industries.

a) Short-term Insurance Committee

The short-term insurance executive committee takes care of personal lines, corporate and commercial matters via two sub-committees. Other smaller working committees - many in conjunction with the South African Insurance Association and its subsidiaries such as the South African Crime Bureau, Fraudline and Intermediaries Guarantee Fund – ensure participation across a range of matters, including several of the specialist short-term insurance sub-sectors. Members represented by this committee include several corporate broking firms and many individual intermediaries.

b) Financial Planning Committee

The financial planning executive committee oversees long-term insurance, collective investment schemes, retirement funds, assistance business and related long-term investments. The disciplines of tax, retirement and estate planning and business insurance are represented along with basic forms of risk cover. Corporate and individual brokerages operating in select markets and those offering general financial planning advice are represented on this committee.

Ongoing communication is maintained with various industry bodies as well as representatives of long-term insurance companies. In executing its role, this committee frequently interacts with the Financial Planning Institute on matters of common interest.

c) Healthcare Committee

The healthcare committee focuses on medical schemes and related health insurance matters, mainly with regard to the provision of advice on funding benefits. Corporate and individual healthcare advisers are represented by this committee. The healthcare committee has extensive interaction with various regulatory bodies – an especially important role considering that dual control is exercised by regulators in both the medical and financial arenas. It also liaises with administrators and risk cover providers. In an effort to present a uniform voice on important issues, the healthcare committee participates in the Joint Broker Forum together with several other related bodies.

d) Employee Benefits Committee

The employee benefits executive committee represents corporate and individual administrators. It also maintains close contact with retirement benefit bodies and is represented on several committees of the Institute of Retirement Funds and The Pension Lawyers Association. Interaction with the Principal Officers Association and the Financial Planning Institute facilitates the promotion of common interests. A Joint Management Forum alliance has also been formed to broaden representation to various authorities.

WFii

The FIA is a founding member of the World Federation of Insurance Intermediaries (WFII).  These affiliations enable the FIA to influence international developments and provide members with information on the latest global developments within the intermediary segment of the insurance industry. The FIA’s association with the WFII helps benchmark local practices against global standards and provides guidance for policy development.