The Financial Sector Conduct Authority (“FSCA”) issued a communication (39 of 2020-Ins) extending the submission of the Insurance Conduct of Business Returns (CBRs).
The FSCA granted an extension of 1 (one) month (31 July 2020) for the CBR submissions for the reporting period April 2020 – June 2020. The extension applies to all regulated entities that need to submit CBRs in terms of the FSCA INS Notice 10 and 11 of 2020.
The extension was issued due to the impact of the Covid-19 on the operational ability of insurers and the additional pressure that it placed on the insurance industry (whilst working remotely).
📢 Important information 📢
- 31 July 2020 – CBR submissions for the reporting period April 2020 – June 2020 due.
- Cob 30 August 2020 – Submit CBR on the Conduct of Business – Data Upload Facility on the FSCA website.
- https://www.fsca.co.za/Regulated%20Entities/Pages/ES-InsurerMicro-Insurer.aspx – Link for uploading the CBRs.
- FSCA.INSCBRComments@FSCA.co.za – Email for any queries you may have.
- R5000 per day – Any person that does not meet the timeline/s may be subjected to this fine for everyday that the submission remains outstanding unless the Authority (on good cause) shown and then waives the penalty or part thereof.
Please contact us should you require any support or additional information in this regard.
Fathima Khan-Ahmod
Director: Ahmod Consulting
Ahmod Consulting 