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Tag Archives | requirements

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Cell Captive insurance standard – Moonstone’s Regulatory Update Webinar will clarify requirements and impact

In July this year, the FSCA published a revised draft Conduct Standard setting out requirements relating to third party cell captive insurance business, with the main objective to prescribe the requirements that cell captive insurers need to comply with in order to address certain market conduct risks. The draft conduct standard also proposes additional disclosure […]

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financial-advisors

Fit and Proper requirements – Alignment to Insurance Act terminology changes clarified

The Insurance Act, 2017 (Act No. 18 of 2017) promulgated on 18 January 2018, repealed and replaced all the prudential and licensing requirements that were contained in the Long-term Insurance Act, 1998 (Act No. 52 of 1998) and Short-term Insurance Act, 1998 (Act No. 53 of 1998). As a result, the introduction of the Insurance Act resulted in various […]

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finance

Financial Soundness Requirements – Exemption of FSPs and Juristic Representatives from certain obligations

FSCA FAIS Notice 21 of 2020 Notice contains exemptions from sections 45(2), 48(1) and 48(2) of the Determination, as applicable, for the period 1 April 2020 to 31 March 2021. The extent of exemptions: ● Category I FSPs that do not hold, control or has access to client assets or that do not collect, hold or receive premiums or other […]

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cpd-t

CPD requirements – Extended CPD activity explained

The publication of the FSCA’s FAIS Notice 35 of 2019 triggered a few questions in the industry. The FAIS Notice states that “FSPs, key individuals and representatives who are members of foreign professional bodies, are exempted from the CPD requirements to the extent that all reference to “CPD activity” in the Fit and Proper requirements […]

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short-term-insurance

Fit & Proper qualification requirements

– Ensure appropriate qualification for the applicable financial product One of the frequent questions we receive around the new Fit and proper Determination (Board Notice 194 of 2017) is whether or not a qualification is needed, and which qualifications are ‘acceptable’ qualifications to meet fit and proper requirements. To briefly recap the main requirements in […]

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Training

Training requirements under the new Fit and Proper Determination

The Latest Determination of Fit and Proper requirements refers to three types of training under the competence requirements. A look at the definitions will help readers distinguish more clearly what impacts on them, and what not. I underlined what I regard as important aspects of the definitions. “class of business training” means training in respect […]

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