FSRA places its foot down on well being service supplier licensing problem

In its 2021-2022 well being service supplier compliance report, the regulator recognized 4 predominant areas of non-compliance, which embody inadequate insurance policies and procedures. FSRA introduced that it had approached non-compliant well being service suppliers and both issued them warning letters, accepted their licence surrenders, or escalated enforcement motion in opposition to them, as wanted.

FSRA additionally said that it might push for “instructional alternatives” for well being service suppliers in order that they’ll stay compliant.

“FSRA will proceed to work with stakeholders to discover instructional alternatives for licensed service suppliers,” the regulator mentioned. “Sector schooling will help licensed service suppliers with understanding their regulatory compliance necessities.”

The regulator mentioned that it expects principal representatives and licensed service suppliers to overview the 2021-2022 compliance report findings, in order that they’ll meet the legislative necessities., Suppliers have additionally been suggested to overview the Well being Service Supplier Licensing Toolkit and FSRA’s different publications for extra data on licensing necessities and obligations.

Learn extra: FSRA introduces main new supervisory framework steering

In July, the FSRA launched its Insurance coverage Prudential Supervisory Framework Steering for public suggestions and session. Stakeholders and the general public are invited to supply suggestions on the framework till September 06, 2022.