Regulatory Alerts2022-01-01
Circular No. 4 of 2022 – Applicability of Policy Owner’s Protection Fund Levy
The Financial Services Authority directs licensed insurers to assume full responsibility for the Policy Owner’s Protection Fund levy, effective 1 May 2022. Grounded in Section 89(1) of the Insurance Act, 2008 and Regulation 7 of the 2009 Regulations, this mandate shifts the financial burden from policyholders to insurers to align with fair consumer treatment principles. Licensees must immediately adjust their billing practices and product distribution to reflect this revised obligation.
Share