Regulatory Alerts2023-01-31
FSCA Communication 2 of 2023 (INS): Extension of Premium Collection Exemption
The Financial Sector Conduct Authority extends the exemptions for direct premium collection by independent intermediaries and insurers until further notice through newly published INS Notices 1 and 2 of 2023. Authorized intermediaries may receive additional remuneration outside standard commission limits for accounting activities, provided insurers verify separate authorization, prevent double payment, and maintain effective oversight. This extension pauses pending amendments to the Short-term and Long-term Insurance Act regulations, aligning current premium collection practices with the upcoming Conduct of Financial Institutions Bill.
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