Insurance (LT and ST) Notice 1 of 2019 – CBRs and transitional period extension
The Financial Sector Conduct Authority (FSCA), in terms of s 36(1) of the Long-term Insurance Act 52 of 1998, has prescribed version 3 of the Conduct of Business Return (CBR 2019_V1) by notice on the FSCA website.
CBR 2019_V1 replaces the previous Conduct of Business Return published on 21 April 2017 (CBR 1 2017_V2).
Additionally, in terms of s 35(1) of the Short-term Insurance Act 53 of 1998, FSCA has prescribed version 3 of the Conduct of Business Return (CBR 2019_V1). This replaces the previous Conduct of Business Return published on
21 April 2017 (CBR 1 2017_V2), and can also be found on the FSCA website.
An analysis of the CBRs and the updated project plans submitted to FSCA at the end of 2018, indicated that all but one insurer have sufficiently progressed with the development of data and systems capabilities to be able to submit complete and accurate returns by the third calendar quarter of 2019.
In light of the above, the transitional period has been extended until the end of 2019. It is the expectation of FSCA that all applicable insurers will submit complete and accurate returns during the first quarter of 2020. Failure to do so may result in regulatory action being taken against offending insurers.
The transitional period will not be further extended. Insurers are urged to ensure that all required system developments are completed timeously to enable the submission of accurate and good quality data at a granular level by the first quarter of 2020.
Insurance (LT) Notice 1 of 2019
Insurance (ST) Notice 1 of 2019
FSCA Communication 1 of 2019 - Update on the implementation of the Insurance Conduct of Business Returns (CBRs)