Regulatory Alerts2019-05-27
FSCA Communication 5 of 2019: Format for Replacement Advice Record in Long-term Insurance
The Financial Sector Conduct Authority has issued the final format for the replacement advice record under Rule 19 of the Long-term Insurance Policyholder Protection Rules, requiring all long-term insurers to adopt the new template by 1 September 2019. To allow adequate time for IT system updates and intermediary training, the regulator extended the compliance deadline to that date while publishing a draft exemption notice for public consultation that would waive the rule for assistance, funeral, and microinsurance policies. Insurers must fully implement the format by the deadline without further extensions, as failure to comply will result in regulatory enforcement.
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