Regulatory Alerts2025-01-01
Financial Services (Administrative Penalties) (Amendment) Rules 2025
The Financial Services Commission amended its 2013 Administrative Penalties framework by adding a new schedule item that mandates a Rs 5,000 daily administrative penalty for non-compliance with the statutory deadline to transmit motor claim payment instructions. This fixed penalty applies per business day of delay and directly supports the operational requirements established under the 2025 Insurance (National Insurance Claims Database) Rules. The amendment was formally enacted on 29 August 2025 and will commence operations on 22 September 2025.
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