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.
Government Notices 2025 405 Ziyaad iMac5/Govt Notices/2025/XXXX - xx.xx.2025 - 1st Proof Government Notice No. 73 of 2025 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act
- These Rules may be cited as the Financial Services (Administrative Penalties) (Amendment) Rules 2025.
- In these Rules – “principal Rules ” means the Financial Services (Administrative Penalties) Rules 2013.
- The Schedule to the principal Rules is amended by adding the following new item – Legal Obligation Amount of administrative penalty for each business day of non-compliance (Rupees/US$*) An obligation, pursuant to Rule 12(7) of the Insurance (National Insurance Claims Database) Rules 2025, to send instructions for payment of motor claim within the prescribed deadline. Rs 5000
- These Rules shall come into operation on 22 September 2025. Made by the Financial Services Commission on 29 August 2025.