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FSCAAA

Premium collection by intermediaries – Compliance deadline extended

The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations.

In addition, the FSCA also published the following two exemption notices which relate thereto:

1. FSCA INS Notice 4 of 2020

FSCA Insurance Notice 4 exempts independent intermediaries from Regulation 4.2(3) insofar as it relates to receiving, holding or in any other manner dealing with premiums payable to a short-term insurer, subject to compliance with the conditions as set out in subparagraph (2) of the notice.

2. FSCA INS Notice 5 of 2020

FSCA Insurance Notice 5 exempts independent intermediaries from Regulation 8.2(2) insofar as it relates to receiving, holding or in any other manner dealing with premiums payable to a long-term insurer, subject to compliance with the conditions as set out in subparagraph (2) of the notice.

The exemption in the notices is subject thereto that certain conditions, as set out in each notice, are met by the independent intermediary. Should the independent intermediary fail to comply with any of the listed conditions, the exemption will no longer apply.

Both these exemption notices came into effect on 16 March 2020 and will expire on 15 March 2022, two years from the effective date.

Click here to download FSCA INS Notice 4 of 2020

Click here to download FSCA INS Notice 5 of 2020

Response to comments received – draft Exemptions from the STIA and LTIA Regulations

(Carolee Reyneke-Minnaar is Moonstone’s appointed compliance researcher and developer. She is an admitted attorney and notary of the High Court and has a keen interest in anti-money laundering and the combating of terrorist financing).

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