Regulatory Alerts2019-12-19
FSCA Communication 9 of 2019: Draft Exemption for Independent Intermediaries Under Insurance Regulations
The Financial Sector Conduct Authority (FSCA) published draft exemption notices to relieve independent intermediaries from strict compliance with premium collection requirements under the Short-Term and Long-Term Insurance Acts. The proposed exemptions target retail business models where insurance supports ancillary commercial contracts and intermediation is not their primary activity, subject to conditions that mitigate risk and safeguard policyholders. Interested parties may submit written comments by 24 January 2020, while a temporary compliance extension remains in effect until 1 February 2020 pending final regulatory alignment.
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