Place-of-business approvals require Board-approved procedures, prior regulatory consent, and uninterrupted policyholder access to insurance services during closures.

Every IIO must maintain a Board-approved policy governing procedures for opening and closing places of business. Prior approval of the Authority is required before opening or closing a location. On closure, the IIO must mitigate associated risks by providing alternative facilities to existing policyholders, maintaining uninterrupted access to insurance services, and ensuring continued servicing of claims.

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