Regulatory Alerts2024-02-07
FSCA Communication 1 of 2024 (INS): Draft Joint Standard on Outsourcing by Insurers
The Financial Sector Conduct Authority (FSCA) submitted a draft Joint Standard to Parliament that establishes binding outsourcing principles for insurers. The standard requires prior regulatory notification for material functions, mandates specific due diligence and contractual provisions, and obligates boards to maintain approved risk assessment policies. Supporting consultation reports and the full standard are publicly accessible on the FSCA website for stakeholder implementation.
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