Regulatory Alerts2020-04-14
FSCA Draft Exemption Notice for Public Comment on Insurers Offering Investment Policies to Medical Schemes
The Financial Sector Conduct Authority (FSCA) has published a draft exemption notice proposing to exempt insurers offering investment policies to medical schemes from Regulation 4.2(1) of the Long-Term Insurance Act Regulations. This interim measure addresses unintended consequences arising from the 2017 Insurance Act's revised definition of "fund", which previously subjected medical schemes' investment policies to restrictive five-year holding periods that could impair liquidity and limit pooled investment options. Stakeholders are invited to submit written comments on the proposed exemption by 12 May 2020 via email to the FSCA's Regulatory Framework Department.
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