Insurance product suitability requires IIOs to align products with prospects' needs and obtain actuarial certification of pricing terms. IIOs must design and market insurance products with regard to prospects' understanding and ensure that products suit their needs, characteristics and ... Summary
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021
Insurance product suitability requires IIOs to align products with prospects' needs and obtain actuarial certification of pricing terms.
IIOs must design and market insurance products with regard to prospects' understanding and ensure that products suit their needs, characteristics and objectives. Rates, terms and conditions require justification certified by a qualified actuary. Product design and marketing must also comply with applicable statutory insurance-business and registration requirements.
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