Regulatory Alerts2019-11-06
FSCA Joint Industry Guideline on Minimum Data Exchange Requirements for Non-Life Insurance
The Financial Sector Conduct Authority (FSCA) endorses a joint industry guideline developed by the SAIA, FIA, and SAUMA that establishes minimum requirements for policy-related data exchange between non-life insurers and their outsourced partners. This framework standardizes the collection, interpretation, and storage of data across the service value chain to ensure compliance with Regulation 6 of the Short-term Insurance Act and applicable Policyholder Protection Rules. By addressing historical shortcomings in data quality and frequency, the guideline aims to improve operational efficiency, reduce costs, and enhance outcomes for non-life policyholders.
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