Regulatory Alerts2019-09-27
FSCA Communication 7 of 2019 General Extension of Compliance Period for STIA Regulation 4 and LTIA Regulation 8
The Financial Sector Conduct Authority extends the compliance deadline to 1 February 2020 for Regulation 4.2(3) of the Short-term Insurance Act and Regulation 8.2(2) of the Long-term Insurance Act. This extension accommodates numerous exemption applications from independent intermediaries whose primary business is not insurance and who collect premiums alongside non-insurance services. Insurers must submit these exemption applications and retain full accountability for premium collection and intermediary actions despite delegating service delivery.
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