Minimum Service Standards
Each regulatory contract provides a minimum service standards requirement that requires the level of services and standards to be met by the regulated entity through the provision of the regulated services. A clause under each regulatory contract states the minimum service standards of the regulated entity and also outlined under specific schedules which provides the full details of the requirements.
The regulated entities submit reports of the minimum service standards to the regulator (ICCC) biannually purposely for the regulator to assess and ensure that the requirements are met. If the regulated entity fails to submit the reports, it is considered as non-compliance and penalties are therefore imposed as stated in each of the regulatory contracts.