ASZ Virtual Convention 2020| Regulatory Overview Focussing on Currency Issues| Panel Discussion

This video is the fourth in a series of video recordings from the first Actuarial Society of Zimbabwe Virtual Convention. This convention is the 6th Annual Convention of the Actuarial Society of Zimbabwe running under the theme "Maintaining an edge in an Era of Socio-Economic Upheaval." The sub-theme for the first day of the convention is "Maintaining an edge through Professionalism."
In this video Mr. Mark Hyde is introduced by the host, Mrs. Jesca Mushete. Mark is a Pensions Actuary and a Fellow of both the Institute and Faculty of Actuaries and the Actuarial Society of South Africa. He has more than 37 years of pensions experience and has served various associations including the Zimbabwe Association of Pension Funds and the Actuarial Society of Zimbabwe (Treasurer). In his presentation, Mark provides an overview of the history of currency changes in Zimbabwe and issues affecting actuaries as a result of these. He also poses some fundamental questions that need to be addressed through this panel discussion.
Second segment presented by Mr. Nobert Phiri
Nobert is an attorney of the High Court and Supreme Court of Zimbabwe with experience in advocacy and corporate advisory. He specialises in Intellectual Property Law and Insurance Law Practices. He is a registered Legal Practitioner, Conveyancer, Notary Public, Trademark and Patent Attorney and Estate Administrator. He is also a member of the International Bar Association, Pension Lawyers Association of South Africa and International Trademarks Association. In his presentation, Nobert provides a synopsis of the emerging regulatory trends that affect actuaries as a result of the Constitution of Zimbabwe and the Justice Smith Commission. He also provides additional insight on historical currency reforms. He concludes with an "Actuarial Valuation from a Lawyer" in which he challenges actuaries to create products that are significantly more customized to the Zimbabwean environment.
Third segment presented by Ms. Letwin Mawire
Letwin is a seasoned business leader with over 18 years experience in the insurance industry. She is a Chartered Accountant by profession and is the Managing Director of ZB Life Assurance. Letwin was Acting CEO of one of the leading listed property companies in Zimbabwe for 2 years. With vast experience in leadership positions, her passion is in Strategy and Corporate Governance. She is the second Vice President of Women In Insurance Zimbabwe. In her presentation, Letwin explains the knock on policyholder confidence that has occurred as a result of the various currency reforms in Zimbabwe. She goes on to explain the policy responses made by the Insurance and Pensions Regulator (IPEC) and the combined effect of the currency reforms and policy responses on insurance businesses in Zimbabwe. She concludes by explaining the market driven responses to currency reforms that have been implemented by businesses.
Fourth segment presented by Mr. Patrick Gombe
Patrick is the Actuarial Manager at the insurance and Pensions Commission of Zimbabwe with 7 years of regulatory experience. He is a nearly qualified actuary with the Institute and Faculty of Actuaries and holds an MSc in Actuarial Science (with distinction) from Heriot-Watt University. He is also pursuing a Chartered Enterprise Risk Actuary (CERA) designation. In his presentation, Patrick provides an overview of the currency reforms that have led to IPEC guidelines. He goes through the various guidelines that have been issued by IPEC as a result and the extent to which industry players have complied with these.
The session is concluded by a question and answer segment and a vote of thanks from Taurai Jamu.
Video chapters:
Jesca Mushete
0:00 About Mark Hyde
Mark Hyde Currency History
0:56 Panel Discussion Introduction
3:16 Zimbabwe Currency History
4:21 Justice Smith Commission and IPEC guidelines
5:03 Issues affecting actuaries due to currency conversions
7:13 Fundamental questions for the panel discussion
11:06 About Nobert Phiri
Nobert Phiri
12:19 Introduction
13:31 Emerging regulatory trends as a result of our constitution and the Justice Smith Commission
24:41 Currency Reforms
29:27 Actuarial Valuation from a Lawyer
Mark Hyde
31:05 About Letwin Mawire
Letwin Mawire
32:10 Introduction
33:00 Implications of currency reforms on policyholder confidence
34:40 Business implications of currency changes and the ensuing directives
39:40 Business response to currency reforms to protect policyholders outside the directives
Mark Hyde
41:55 About Patrick Gombe
Patrick Gombe
42:50 Introduction
46:27 Summary of monetary reforms
47:18 IPEC Directives and Circulars
55:19 Key highlights on the Guidance Paper
57:12 Question and Answer Segment
57:30 Question 1: What developments have occurred around insurance companies issuing US Dollar policies?
58:38 Session Conclusion
Jesca Mushete
59:42 Convention day one conclusion
Taurai Jamu
1:00:49 Vote of thanks