Regulatory Alerts2020-01-20
Microinsurance Product Standards
The Financial Sector Conduct Authority (FSCA) has issued microinsurance product standards that require insurers to ensure fair treatment and secure senior management approval for new or materially changed products. Insurers must also adhere to strict structural limits on waiting periods, excesses, exclusions, and administrative fees. The framework further mandates rapid claims assessment within two business days, prohibits unfair repudiation based on non-disclosure, and requires pre-launch regulatory notification detailing benefits, terms, and commission structures.
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