Regulatory Alerts2020-04-15
FSCA INS Notice 7 of 2020 Exemption for Long-Term Insurers Providing Premium Relief
The Financial Sector Conduct Authority exempts qualifying long-term insurers from Regulations 3.5, 3.17, and 4.2(1) of the Long-term Insurance Act to facilitate COVID-19 premium relief for existing policyholders. The exemption allows insurers to temporarily waive or reduce premiums without imposing additional causal event charges, provided they clearly disclose the relief's impact on policy benefits and investment values. Insurers must adjust and refund commissions if unpaid premiums remain outstanding for twelve months, with any failure to meet these conditions automatically revoking the exemption.
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