IFSCA releases framework for designing and pricing of insurance products
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- Last Updated on 18 January, 2023
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Notification No. IFSCA/2022-23/GN/REG029., Dated 12.01.2023
The IFSCA has notified the IFSCA (Insurance Products and Pricing) Regulations, 2022. The objective behind the introduction is to provide a framework for designing and pricing of insurance products by the IFSC Insurance Offices (IIOs). Now, IIOs shall have a board-approved policy known as the ‘Product Oversight and Governance Policy’ prepared in accordance with the applicable regulatory framework. Also, IIO shall not market any insurance product without allotting a Unique Identification Number.
Further, with regard to the product withdrawal, IIO would be required to inform the Authority regarding its decision to withdraw an insurance product at least 3 months prior to the scheduled date of withdrawal. Also, provisions relating to the cancellation or surrender of policies, Issuance of e-Insurance Policies, etc. have been prescribed.
Click Here To Read The Full Notification
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