COVID-19 / Insurance companies, additional measures to cope with the situation

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The Financial Supervision Authority states that it is continuously monitoring the markets under supervision and, in line with the recommendations of other counterpart regulators, has requested measures from the companies and increased care.

The Board of the Financial Supervisory Authority (FSA) recently approved the instruction "On regulatory expectations towards the supervised entities, due to the situation created by COVID-19".

AFSA instructs insurance companies and management companies to take measures to ensure the continuity of business, including the risks posed by pandemic situations, as well as to submit to the Authority revised plans for continuing operations and dealing with crises.

The Board has also requested to maintain the appropriate level of liquidity as well as to take other necessary measures to maintain the position of the indicators and to immediately inform the Authority in case of violation of these indicators.

"Insurance companies should review the terms of insurance contracts, to reflect any changes in risk exposure during the pandemic period. For products related to pandemic coverage, clarify their coverage in the event of insured events occurring. To carry out an evaluation of products that can be affected by the pandemic by informing the insured persons ", it is said in the instruction of the AFSA board.

 

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