Regulatory Alerts2023-10-03
FSCA Communication 26 of 2023 (INS): Draft Exemption Notice for Microinsurers from Rule 2A.6.1
The Financial Sector Conduct Authority (FSCA) has published a draft exemption notice proposing to exempt all microinsurers from Rule 2A.6.1 of the Policyholder Protection Rules (Long-Term Insurance), 2017. This exemption permits microinsurers to impose waiting periods of up to six months for death, disability, or health events resulting from natural causes, thereby aligning their risk-management tools with traditional insurers and enabling competitive pricing for vulnerable consumers. Stakeholders are invited to submit comments by 14 November 2023, with the interim measure serving as a bridge until broader regulatory amendments are implemented under the Conduct of Financial Institutions Bill.
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