Regulatory Alerts2020-04-17
FSCA Draft Exemption Notices on Direct Premium Collection by Independent Intermediaries
The Financial Sector Conduct Authority (FSCA) published draft exemption notices inviting public comment on permitting independent intermediaries to directly collect insurance premiums into insurers' bank accounts and receive additional remuneration for related accounting activities. The proposed exemptions impose strict conditions regarding remuneration limits, technological governance, and thirty-day supervisory notifications to safeguard policyholders while accelerating a regulatory shift toward direct collection models. Stakeholders must submit written feedback via the accompanying comments matrix by 15 May 2020 to validate these interim measures under the Short-term and Long-term Insurance Acts.
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