INSURANCE INDUSTRY: INDEPENDENT INTERMEDIARIES’ EXEMPTION EXTENDED

INSURANCE INDUSTRY: INDEPENDENT INTERMEDIARIES’ EXEMPTION EXTENDED

• 27 February 2024
• Financial Sector
• SA Legal Academy

The Financial Sector Conduct Authority has published two notices extending by three more years exemptions issued in March 2020 regarding the regulatory obligations of short- and long-term independent insurance intermediaries when collecting premiums.

This is noting that Regulations 4.2(3) and 8.2(2) under the Short-term and Long-term Issurance Acts, 1998, respectively require intermediaries to maintain a separate bank account for ‘monies collected from policyholders’.

The exemption was extended in February 2022 for a further two years, ending on 31 March 2024. It will now remain in place until 31 March 2027.

• 26 February 2024 extension notice (short-term insurance)
• 16 February 2022 extension notice (short-term insurance)
• 16 March 2020 notice (short-term insurance)
• 26 February 2024 extension notice (long-term insurance)
• 16 February 2022 extension notice (long-term insurance)
• 16 March 2020 notice (long-term insurance)
• regulations under the Short-term Insurance Act, 1998, featuring provision 4.2(3)
• amendments to regulations under the Long-term Insurance Act, 1998, featuring provision 8.2(2)

Published by SA Legal Academy Policy Watch

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