Regulatory Alerts2018-12-06
FSRA Compliance Extension Notice 1/2018 (LTIA)
The Financial Sector Conduct Authority extends the compliance deadline for Rule 19 of the Policyholder Protection Rules (Long-term Insurance), 2017 and Regulation 3.9A of the Long-term Insurance Act regulations to 1 July 2019. This statutory extension, issued under section 279(1) of the Financial Sector Regulation Act, 2017, relieves long-term insurers from the original compliance dates. Market participants must align their internal processes and reporting mechanisms to satisfy the updated regulatory requirements by the revised deadline.
FSRA COMPLIANCE EXTENSION NOTICE 1/2018 (LTIA) FINANCIAL SECTOR REGULATION ACT, 2017 (ACT NO. 9 of 2017) EXTENSION OF PERIOD FOR COMPLIANCE WITH RULE 19 OF THE POLICYHOLDER PROTECTION RULES (LONG-TERM INSURANCE), 2017 AND REGULATION 3.9A OF THE REGULATIONS UNDER THE LONG-TERM INSURANCE ACT, 1998 (ACT NO. 52 OF 1998) 06 December 2018 The Financial Sector Conduct Authority, under section 279(1) of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), hereby extends the period for compliance with Rule 19 of the Policyholder Protection Rules (Long-term Insurance), 2017 made under section 62 of the Longterm Insurance Act, 1998 (Act No. 52 of 1998) promulgated by Government Notice No. 1407 in Government Gazette 41321 of 15 December 2017 and Regulation 3.9A of the Regulations made under section 72 of the Long-term Insurance Act, 1998 (Act No. 52 of 1998) promulgated by Government Notice R.1492 in Government Gazette 19495 of 27 November 1998, as amended from time to time, to 1 July 2019. CAROLINE DEY DA SILVA FOR THE FINANCIAL SECTOR CONDUCT AUTHORITY FSRA Compliance Extension Notice 1/2018 (LTIA): Replacement of Policies Page 1 of 1