In 2017, the then FSB published FAIS Notice 110 of 2017 exempting Category I FSPs that are only licenced for Long-term Insurance subcategory A and/or Friendly Society Benefits from the Professional Indemnity (PI) and Fidelity Insurance Cover requirements (paragraphs 3(a) -(c) of BN123 of 2009) for a period of 3 years.
The FSCA have recently published FSCA FAIS Notice 69 of 2020 which extends this exemption until 31 August 2022.
To read the FSCA FAIS Notice 69 of 2020, click here.
To read our previous article on FAIS Notice 110 of 2017, click here.
To read Board Notice 123 of 2009, click here.