Circular INS-C01/15 - Segregation & Identification of Premiums

The Financial Services Commission (the Commission) intends through this circular to provide information on the requirement at paragraph 8.0 of Guideline No. 3 - Market Conduct. Guideline No. 3 paragraph 8.0 requires that “where an intermediary has control of or is otherwise responsible for assets belonging to a customer which it is required to safeguard, it should arrange proper protection for them, by way of segregation and identification of those assets or otherwise, in accordance with the responsibility it has accepted.”

This circular is not intended to be a substitute for or replace any additional obligations under the Insurance Act, Cap.310, its regulations or the Financial Services Commission Act, 2010-21. Due to the dynamic nature of the various financial institutions that the Commission regulates, there may be the need for revision of this circular from time to time.