TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
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.... an IIO is engaged in transacting both, direct as well as re-insurance business, these regulations shall be applicable only in respect of direct insurance business. 2. Objectives - (1) To provide framework for designing and pricing of insurance products by the International Financial Service Centre Insurance Offices (IIOs). (2) To ensure that the IIOs have put in place effective internal systems and control to- (a) provide adequate capacity to identify and mitigate product related risks and issues from the time of design of the product and throughout the life cycle of the product, including providing appropriate distribution strategies taking into account the target market characteristics; and (b) protect the interests of policyholders while designing and pricing of insurance products. 3. Definitions - (1) In these regulations, unless the context otherwise requires - (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Authority" or "IFSCA" means the International Financial Services Centres Authority established under sub-section (1) of Section 4 of the Act; ....
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....n force; but shall not include the information, material, data or statements called for by the Authority in exercise of its regulatory powers; (2) Words and expressions used and not defined in these regulations but defined in the Act or Acts mentioned in the First Schedule to the Act or any rules, regulations or notifications made thereunder, shall have the same meanings respectively assigned to them in those Acts, rules or regulations or any statutory modification or re-enactment thereto, as the case may be. CHAPTER II PRODUCT APPROVAL PROCESS 4. An IIO shall have a board approved policy known as 'Product Oversight and Governance Policy' prepared in accordance with applicable regulatory framework, which shall inter-alia contain the provisions related to - (1) methods and processes for designing of the insurance product; (2) approval, monitoring, reviewing and distribution of insurance products; and (3) corrective steps to be taken for insurance products that are detrimental to the interest of prospects or policy holders. Explanation: The 'Product Oversight and Governance Policy' shall govern all aspects of an Insurance Product to be ....
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....modification or withdrawal of the product. 11. Upon receipt of direction of the Authority referred to in regulation 10, the IIO shall forthwith stop marketing and distributing such product either in the same name or under any other name. CHAPTER III PRODUCT MANAGEMENT 12. Insurance Product title and Unique Identification Number: (1) An IIO shall ensure that the insurance product carries the IIO's name and product's name in all pages of all the documents. It is also necessary that separate documents must carry page numbers as that of the total number of pages of each document (i.e. 1 of 30, 2 of 30 and so on if, for example, the total pages in the documents are 30). (2) An IIO shall not market any insurance product without allotting a Unique Identification Number (UIN); Provided that in case of modification or revision of an existing insurance product, a separate UIN shall be allotted, clearly indicating that the insurance product being marketed is revised version of an earlier insurance product. (3) An IIO shall device its own methodology / algorithm for issuance of UIN and submit the same to the Authority. Provided that IIOs....
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....furnished by prospects into electronic form; (d) Where the policy is proposed to be issued in electronic form and the prospect is willing to get the policy through the Insurance Repository System, the IIO shall facilitate creation of eIA for the prospect. (2) Issuance of Electronic Insurance Policies - (a) An IIO, shall issue electronic insurance policy where the sum assured is more than USD 100 and/or premium is more than USD 10, whichever is lower; (b) An IIO shall issue the electronic insurance policy to the policyholders directly or through the registered insurance repositories; Provided that the IIO shall provide physical copy of the policy and proposal form if so requested by the policy holder; (c) The proposal form etc. may also be sent in electronic form to the insured along-with electronic insurance policies; (d) The Authority may specify operational framework for issuance of electronic insurance policies. 17. Fee for issuing acknowledgement of Notice of Transfer or Assignment of insurance policy: An IIO shall collect fee not more than USD 5 (USD Five only) for granting acknowledgement of notice of transf....
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.... Authority or the IIO, as the case may be. The said fee shall be paid in net, excluding any bank charges or transaction fee. 20. Referral arrangements: An IIO shall comply with regulatory framework on referral arrangements between the IIO and the referral entity, as may be specified by the Authority. 21. Reporting requirements: An IIO shall furnish information related to its products to the Authority, in such manner, interval and in such format, as may be specified by the Authority. 22. Power to specify procedures etc.: For the purpose of implementation, facilitation and regulation of insurance products and matters incidental thereto, the Authority may specify norms, procedures, processes and manners for compliance by IIOs. 23. Power to remove difficulties and relax strict enforcement of the regulations: (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application, received along with the specified non-refundable processing fees, the Authority, may for the reasons to be recorded in writing, re....