Regulatory Alerts2020-01-20
FAIS Micro Insurance Presentation
The Financial Sector Conduct Authority (FSCA) outlines key compliance requirements for microinsurance providers under the FAIS Act, distinguishing between financial services and product suppliers. Entities must verify that tied agents and independent brokers maintain fit-and-proper status while adhering to appropriate retail distribution channels. Organizations are required to implement robust corporate governance structures, including regular representative register updates and independent board oversight, to ensure effective leadership and regulatory alignment.
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