Regulatory Alerts2022-09-30
FSCA Conduct Standard 2 of 2022 – Requirements for Third Party Cell Captive Insurance Business
The Financial Sector Conduct Authority (FSCA) has published Conduct Standard 2 of 2022 to establish comprehensive conduct requirements for third-party cell captive insurers. The standard mandates ongoing oversight, centralized complaint escalation, rigorous cell owner due diligence, and specific ownership limits for non-mandated intermediaries, effectively replacing a temporary Prudential Authority licence condition. Coming into force on 1 October 2022, the regulation includes a two-year transitional period for pre-existing cell arrangements while applying immediately to new structures.
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