Product oversight and governance requires board-approved controls, with final non-reinsurance policy wording submitted before marketing.

Every IIO must maintain a board-approved Product Oversight and Governance Policy covering insurance product design, approval, monitoring, review and distribution. The policy must prescribe corrective action for products detrimental to prospects or policyholders. It governs all aspects of products marketed and distributed by an IIO, without separate product approval unless specifically mandated. Final policy wording for a non-reinsurance product, including any modified or revised product, must be submitted before marketing.

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