Insurance regulatory transition preserves pre-existing contracts while requiring International Financial Services Centre insurance offices to meet new requirements. Specified insurance regulations and product-filing guidelines cease to apply in the International Financial Services Centre, including requirements ... Summary
Insurance regulatory transition preserves pre-existing contracts while requiring International Financial Services Centre insurance offices to meet new requirements.
Specified insurance regulations and product-filing guidelines cease to apply in the International Financial Services Centre, including requirements concerning insurance distribution databases, e-insurance policies, health insurance, linked and non-linked products, and product filing. A related operational guideline clause is omitted. Insurance contracts entered into before commencement remain valid unless otherwise provided. Existing insurance offices must comply with additional requirements within one month of commencement or within an extended period specified by the Authority.
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