Regulatory Alerts2024-05-17
Joint Standard 1 of 2024 on Outsourcing by Insurers
The Financial Sector Conduct Authority and Prudential Authority have published Joint Standard 1 of 2024, establishing minimum regulatory expectations for licensed insurers outsourcing material functions. Following a public consultation and parliamentary tabling process, the standard formalizes comprehensive governance and risk management requirements for insurer outsourcing arrangements under the Financial Sector Regulation Act. The regulation will commence six months after its May 2024 publication, directly mandating compliance frameworks for all licensed insurance providers.
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