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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Policyholder protection requires board-approved policies addressing awareness, fair sales, service standards, grievance resolution, and transparent claims procedures. Every IIO and IIIO must formulate a Board-approved policy safeguarding policyholders' interests. The policy must address insurance awareness, fulfilment ... Summary
Policyholder protection requires board-approved policies addressing awareness, fair sales, service standards, grievance resolution, and transparent claims procedures.
Every IIO and IIIO must formulate a Board-approved policy safeguarding policyholders' interests. The policy must address insurance awareness, fulfilment of policyholder obligations, prevention of mis-selling and unfair practices, accurate product disclosures, service parameters, grievance redressal, complaint resolution, sale and service practices, and transparent claims settlement. Every IIO must publish and update Board-approved service parameters and turnaround times on its website, and submit the policy when directed.
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