The Authority may issue guidance notes or circulars to clarify difficulties in applying or interpreting the regulations. On an application accompanied by the specified non-refundable processing fee, it may relax strict enforcement of any provision for reasons recorded in writing.

The Authority may specify norms, procedures, processes and compliance manners for IIOs to implement, facilitate and regulate insurance products and matters incidental to them. This enables operational requirements governing IIO compliance with prescribed arrangements for insurance products and related incidental matters within the applicable regulatory framework for their effective administration.

An IIO must furnish the Authority with information concerning its products in the manner, at the intervals, and in the format specified by the Authority. The requirement creates a continuing product-information reporting obligation, with reporting modalities, frequency, and submission format determined through the Authority's specifications.

Referral arrangements require an IIO to comply with the regulatory framework specified by the Authority for arrangements between the IIO and a referral entity. The framework governs the regulatory conditions applicable to such referral relationships.

Inspection or copies of returns related to an IIO require an application to the Authority, which may charge up to USD 5 and must arrange inspection or provide the copy within thirty working days after fee receipt. Policyholders may apply to an IIO for its Memorandum and Articles of Association or similar documents, subject to a fee up to USD 5 per document and the same supply period. Fees must be paid electronically, excluding bank and transaction charges.

Life insurance IIOs may charge a fee not exceeding USD 5 for registration, cancellation, or change of a policyholder's nomination, including for e-insurance policies. No other fee may be collected for nomination-related services. A nomination made through the proposal form at policy inception and recorded in the policy schedule constitutes valid acknowledgement by the IIO.

Fees for acknowledging notice of transfer or assignment of insurance policies, including e-insurance policies, are capped at USD 5 for an IIO. No additional fee may be charged for other services connected with transfer or assignment, including recording the transfer or assignment. The restriction distinguishes the permitted acknowledgement charge from policy-servicing actions for which separate charges are prohibited.

An IIO must maintain proposal forms in physical or electronic form, capture an electronic Insurance Account number where available, and convert physical prospect information into electronic form. Where electronic issuance is proposed through the Insurance Repository System, creation of an electronic Insurance Account must be facilitated. Electronic policies are mandatory when prescribed sum-assured or premium thresholds are crossed. Policies may be delivered directly or through registered repositories, with physical copies supplied on request.

Regulation 15 requires every insurance policy to specify the grievance management procedures of an IIO, with those procedures conforming to principles specified by the Authority. The applicable grievance-management framework must be included in policy terms and remain consistent with the Authority's prescribed standards.

Policyholders may surrender or cancel life or general insurance policies at any time by giving the prior notice required under the policy, with processing governed by applicable policy terms. Life and health insurance policies must provide a free-look cancellation option, exercise timelines, and premium-refund provisions. General insurance policies must specify cancellation grounds and timelines. Mid-term cancellation by the IIO is confined to fraud, misrepresentation, or moral hazards.

Product withdrawal by an IIO requires notice to the Authority at least three months before the scheduled withdrawal date. An IIO conducting general insurance business must also give existing policyholders at least three months' notice before policy expiry. Policies already in force remain valid until their respective expiry dates.

Marketing of an insurance product is prohibited unless a Unique Identification Number (UIN) has been allotted. A modified or revised existing product must receive a separate UIN that clearly identifies it as a revised version of an earlier product. Each IIO must devise and submit its methodology or algorithm for issuing UINs, and that methodology or algorithm cannot subsequently be changed.

Product approval controls require an IIO, upon receipt of a direction from the Authority under regulation 10, to forthwith cease marketing and distributing the affected product. This cessation obligation applies to distribution in the same name and under any other name. It prevents the IIO from continuing to market or distribute the product by changing its designation following the Authority's direction.

Regulation 10 authorises intervention where an insurance product does not meet regulatory requirements or is not in the interests of prospects or policyholders. The Authority may suspend the product, require its modification, or direct its withdrawal to maintain product conformity and protect policyholder interests.

An IIO must furnish requisite information, documents or data concerning an insurance product when requested. This information-production obligation includes justification for the rates, terms and conditions on which the product is offered, permitting regulatory scrutiny of product pricing and contractual features.

Insurance product testing requires an IIO to appropriately test an insurance product before marketing or adapting it, including scenario analysis where relevant. Testing must also be undertaken where there is a significant change in the product's target market.

Insurance product design, marketing and distribution by an IIO must account for each prospect's objectives, interests and needs. Product terms and conditions must not adversely affect prospect interests, and conflicts of interest involving intermediaries or insurance intermediaries in product distribution must be properly managed.

An IIO must maintain documents and records concerning actions taken in the product approval process. Such record maintenance must conform to the Product Oversight and Governance Policy, linking product approval actions with the applicable governance and documentation framework.

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.

Every IIO must maintain a board-approved Product Oversight and Governance Policy covering insurance product design, approval, monitoring, review and distribution. The policy must prescribe corrective action for products detrimental to prospects or policyholders. It governs all aspects of products marketed and distributed by an IIO, without separate product approval unless specifically mandated. Final policy wording for a non-reinsurance product, including any modified or revised product, must be submitted before marketing.