Regulatory Alerts2022-01-01
Circular No. 5 of 2022: Remittance of Premiums to Insurers
The Financial Services Authority (FSA) mandates that insurance brokers maintain dedicated customer bank accounts and remit collected premiums directly to insurers within fourteen working days. Licensed insurers must enforce written broker agreements that specify payment timelines, commission withholding rights, and direct policyholder collection privileges. The Authority will conduct ongoing regulatory checks and onsite inspections, with non-compliance by either brokers or insurers triggering applicable enforcement actions.
Share