As you are aware, some four years ago, the FSB and the South African insurance industry embarked on the Solvency Assessment and Management (SAM) project. This project is directed at establishing a risk-based supervisory regime for the prudential regulation of both long-term and short-term insurers in South Africa.
2 As inflation has trended downward, measures of underlying inflation have fallen somewhat below the levels of about 2 percent or a bit less that most Committee participants judge to be consistent, over the longer run, with the FOMC’s dual mandate.