Regulatory Alerts2019-04-09
FSCA Position Paper on Future Premium Collection Regulatory Framework
The Financial Sector Conduct Authority (FSCA) has published a Position Paper proposing a revised regulatory framework for third-party insurance premium collection to address identified industry risks. The proposals mandate stricter intermediary qualification criteria, classify collection activities with appropriate remuneration, treat premiums as trust monies, and reduce the allowable remittance periods. Stakeholders are invited to submit written comments on these measures by 10 May 2019 to help the regulator finalize its policy direction.
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