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Insurance (LT and ST) Notice 1 of 2019 – CBRs and transitional period extension

Publish date: 08 February 2019
Issue Number: 57
Diary: CompliNEWS
Category: General

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) 

Download a copy of the 2019 CBR

Working Smart

By Lee Rossini

Even if a financial advice business currently has people falling over themselves to become clients, most of them will need to attract new clients at some stage during their existence. However, thanks to the compliance requirements and a high degree of commoditization, appearing different in the minds of clients can present something of a challenge. When attempting to attract new clients, the message must take a prospective client from awareness to being signed up as a new client.  The AIDA model is frequently used as the foundation of successful advertising strategies. 

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