Regulatory Alerts2020-04-02
FSCA Expectations on Insurers and FSPs Regarding Premium Collection for Funeral Policies During COVID-19
The Financial Sector Conduct Authority (FSCA) has issued specific expectations for insurers and financial services providers regarding the premium collection of funeral policies during the COVID-19 crisis. The regulator mandates that funeral parlours comply with social distancing regulations and actively encourages electronic payments to minimize client exposure while maintaining cash collection. Insurers are further required to apply statutory grace periods, proactively notify policyholders of payment flexibility, and ensure fair treatment across the entire product cycle.
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