Regulatory Alerts2019-02-01
FSCA Communication 1 of 2019 (Insurance) - Update on CBRs
The Financial Sector Conduct Authority (FSCA) has extended the transitional compliance period for Insurance Conduct of Business Returns (CBRs) until the end of 2019, mandating that all applicable insurers submit complete and accurate data by the first quarter of 2020. The authority released an updated CBR template that aligns terminology with prevailing legislation, requires signatures from a nominated contact person and a director, and outlines specific reporting rules for data rounding, market segmentation, and claim repudiation. Confirmed submission deadlines run through February 2020, after which the industry will transition to a mandatory quarterly reporting cycle.
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