Regulatory Alerts2022-01-31
FSCA Exemption for Direct Collection of Premium Extended by 12 Months
The Financial Sector Conduct Authority extends two existing exemptions until 31 January 2023, permitting independent intermediaries and insurers to pay additional remuneration for direct premium collection activities. The exemption allows payments above the maximum commission provided that remuneration remains reasonable, commensurate with direct collection services, and prevents double payment for identical functions. This twelve-month extension accommodates ongoing system and contractual adjustments while the regulator finalizes proposed amendments to short- and long-term insurance regulations.
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