Life insurance nomination fees are capped, while inception nominations recorded in policy schedules receive valid acknowledgement. Life insurance IIOs may charge a fee not exceeding USD 5 for registration, cancellation, or change of a policyholder's nomination, including for ... Summary
Life insurance nomination fees are capped, while inception nominations recorded in policy schedules receive valid acknowledgement.
Life insurance IIOs may charge a fee not exceeding USD 5 for registration, cancellation, or change of a policyholder's nomination, including for e-insurance policies. No other fee may be collected for nomination-related services. A nomination made through the proposal form at policy inception and recorded in the policy schedule constitutes valid acknowledgement by the IIO.
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