Insurance product suitability requires IIOs to align products with prospect needs and obtain qualified actuarial certification. Insurance product design and marketing by an IIO must consider prospects' understanding and ensure products are compatible with their needs, ... Summary
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021
Insurance product suitability requires IIOs to align products with prospect needs and obtain qualified actuarial certification.
Insurance product design and marketing by an IIO must consider prospects' understanding and ensure products are compatible with their needs, characteristics and objectives. Product rates, terms and conditions require justification certified by a qualified actuary. Design and marketing must also comply with applicable statutory insurance registration requirements and the regulatory framework governing insurance business.
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