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VESA Chairman's Letter to the Insurance Industry

22 March 2006 Allen Harrington

I would like to make use of this opportunity to thank you for your support over the past years and reinforce our commitment to not only continue with, but expand our service offering to you and your industry in general.

As a point of departure, I wish to introduce the new Board of Directors (BOD) of VESA. Resulting from past history - and an understanding that VESA has to restructure itself to align itself with industry requirements - VESAs board was restructured at the AGM held in June 2005. The Board elected on the AGM is myself, Allen Harington as Chairman, Mr. Sean Staley (Vice Chairman), Mr. Tyrone Hanna, Mr. Jason Finney, Mr. Nick Van Zijl, Mr. Nihal Khan and Ms. Mellony Morelli-Howes. A later addition to the Board is Mr. Theo Tromp whos background is legal (attorney for 38 years) and financial.

During the months that followed our appointment, serious consideration was given by the BOD as to the role and responsibilities of VESA, its structure, methodologies and of course its future as an industry regulator as well as its value proposition it offers to the industries and consumers it services.

As you are aware, serious discussions were pursued to merge VESA with SAIA Approved. It was a true aspiration of the VESA board that these discussions be concluded successfully to the benefit of the industries they service. Unfortunately, as a result of differences in opinion as to the direction this new entity should pursue, the talks broke down late 2005.

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