International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
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Insurance product governance requires board-approved oversight, actuarial pricing, target-market testing, unique identification, and policyholder safeguards.
IIOs must operate a board-approved Product Oversight and Governance Policy for insurance product design, approval, monitoring, review, distribution and corrective action. Products must suit the target market, have actuarially certified rates, terms and conditions, undergo appropriate testing, and be supported by records and conflict-management measures. Direct-insurance policy wording must be submitted before marketing, and products may be suspended, modified or withdrawn if non-compliant or detrimental to prospects or policyholders. Every product requires a Unique Identification Number, while policy servicing must provide cancellation, grievance-management and electronic insurance policy safeguards.