Regulatory Alerts2020-01-01
Financial Services (Administrative Penalties) (Amendment No 2) Rules 2020
The Financial Services Commission amended the administrative penalty framework by inserting a new schedule item that mandates a daily fine of Rs 300 (US$10) for each business day of non-compliance when filing Risk Management Framework documentation. This requirement applies to obligations established under the Insurance (Risk Management) Rules 2016 and the Insurance Act 2005. The amended rules commenced operation on 24 October 2020.
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