IFSCA releases framework for designing and pricing of insurance products
- Blog|News|FEMA & Banking|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 18 January, 2023
Latest from Taxmann
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
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
