Invitation to comment on the proposed format replacement advice record
Individual risk policies
The FSCA invite comments or submissions on the format for the proposed replacement advice record ( individual risk policies). In terms of rule 19 of the Policy Protection Rules, long-term insurers are required to obtain a copy of the record of advice that an intermediary is required to provide to a policyholder in terms of the FAIS General Code of conduct, before entering into an individual risk policy that will replace another risk policy.
Rule 19.2.6 provides further that the FSCA may determine the format for the replacement advice record. The following is the communication from the FSCA regarding the proposed format of the record of advice: Revised format of replacement advice record
In the communication from the FSCA, the FSCA confirms that it does not intend to extend the period of compliance with Rule 19 of the PPRs beyond 1 July 2019.
Should you wish to make any submissions with regards to the format of the proposed replacement advice record you make forward your submission to FSCA.INSRPARformat@FSCA.co.za on or before the 30th of April 2019.