Regulatory Alerts2020-05-13
FSCA Communication 24 of 2020 Update on Insurance Conduct of Business Returns for Long- and Short-Term Insurers
The Financial Sector Conduct Authority issued this communication to mandate quarterly submissions of Conduct of Business Returns (CBRs) by long- and short-term insurers, due one month after each calendar quarter. The directive confirms current reporting obligations for individual policy insurers while expanding the framework to eventually include reinsurers, captives, and commercial lines, alongside a transition to an Extensible Markup Language format expected by July 2021. This streamlined submission process minimizes manual input, ensures higher quality data, and enhances regulatory trend analysis through automated validations.
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