Regulatory Alerts2019-12-19
FSCA Communication 10 of 2019 on Transport Policy Exemption from Identity Number Requirements
The Financial Sector Conduct Authority has published a draft exemption notice relieving short-term insurers offering transport policies from the mandatory collection of policyholders' identity numbers under Rule 13.4 of the Policyholder Protection Rules. The regulator determined that the existing waybill number serves as a sufficiently unique identifier for underwriting and client identification, making strict identity number collection impractical without prejudicing public interest. Interested parties are invited to submit written comments on the proposed exemption by 30 January 2020 via email.
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