CHANGE IN SHAREHOLDING PATTERN AND MANAGEMENT CONTROLInternational Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023
CHANGE IN SHAREHOLDING PATTERN AND MANAGEMENT CONTROLInternational Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023
Regulation 16 - Acquisition of Surrender and Paid-up Values of Life Insurance Policies
International Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023 Chapter IV MARKET CONDUCT
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Surrender value disclosure requires authorised life insurance IIOs to explain acquisition conditions, calculation formula, and ensure timely payments. Every IIO permitted to transact life insurance business must disclose the conditions under which a life insurance policy acquires surrender value and the ... Summary
Surrender value disclosure requires authorised life insurance IIOs to explain acquisition conditions, calculation formula, and ensure timely payments.
Every IIO permitted to transact life insurance business must disclose the conditions under which a life insurance policy acquires surrender value and the formula for computing it from paid-up value. It must also maintain provisions for timely surrender-value payments in respect of linked and non-linked life insurance policies, based on paid-up values.
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