Regulatory Alerts2021-09-09
Joint Communication 5 of 2021: Draft Joint Standard on Outsourcing by Insurers
The Financial Sector Conduct Authority and the Prudential Authority have published a draft Joint Standard establishing minimum outsourcing requirements for all insurers, including microinsurers, to prevent adverse impacts on prudent business management and policyholder outcomes. Applicable under the Financial Sector Regulation Act, 2017, the standard governs material business functions outsourced to third-party service providers and explicitly excludes Lloyd’s and foreign reinsurer branches. Stakeholders must submit written comments using the provided template by 26 October 2021 via designated regulatory email addresses.
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