Regulatory Alerts2023-01-01
Financial Regulatory Authority Board Resolution No. 69 of 2023 on Insurance Companies' Obligation to Provide Technological Infrastructure for Database Linkage
The Financial Regulatory Authority (FRA) issued Resolution No. 69 of 2023, mandating insurance companies to establish the technological infrastructure required to link their databases with the Authority's central database. The resolution requires these companies to electronically provide eight specific categories of data, including policy issuance, claims, designated funds, reinsurance balances, and branch information, all of which remain confidential and accessible exclusively to the Authority. Companies are granted a six-month compliance period, extendable by another six months for specific data categories upon approved justification, with the resolution taking effect immediately following its publication in The Official Gazette and on the Authority's website.