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 enforcement requires an IIO, upon receipt of a direction referred to in regulation 10, to forthwith stop marketing and distributing the affected insurance product in all forms. This prohibition applies to the product marketed or distributed in its existing name or under any other name, ensuring that cessation extends to any renamed or rebranded presentation of the same affected product.

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.

IIOs must design and market insurance products with regard to prospects' understanding and ensure that products suit their needs, characteristics and objectives. Rates, terms and conditions require justification certified by a qualified actuary. Product design and marketing must also comply with applicable statutory insurance-business and registration requirements.

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.

Regulation 3 defines insurance products, insurance policies, IIOs, intermediaries, electronic insurance arrangements, inspections, and returns for the insurance products and pricing framework. It recognises electronically signed proposals, digitally signed electronic policies, and e-Insurance Accounts. Returns comprise periodic information mandated from regulated entities in physical or electronic form, but exclude material called for through regulatory powers and information whose disclosure is legally barred or exempt. Undefined terms carry meanings assigned under the Act, First Schedule legislation, and related instruments.

Insurance product design and pricing by International Financial Service Centre Insurance Offices must operate within a defined framework. Internal systems and controls must identify and mitigate product-related risks throughout the product life cycle, including through distribution strategies suited to target-market characteristics. Product design and pricing must also protect policyholders' interests.

Insurance product and pricing requirements for Insurance Offices operating in International Financial Services Centres take effect upon publication in the Official Gazette. They apply to direct insurance business, exclude Insurance Offices transacting reinsurance business, and govern only direct insurance activities where an Insurance Office conducts both direct insurance and reinsurance operations.

Additional or penal interest charged on a transaction covered by the specified exemption entry is not subject to GST because it falls within the applicable exemption notification. The correction removes inconsistent wording suggesting that the interest was outside the notification's coverage. The taxable value of the underlying mobile supply remains unchanged for GST levy, notwithstanding the exempt treatment of the separately charged penal interest.

From commencement of the International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022, the earlier appointed actuary regulations and related circulars or guidelines cease to apply within an IFSC. IIOs already operating in an IFSC must comply with any additional requirements under the new framework within one month of commencement, unless an extended period is specified.

The Authority may issue guidance notes or circulars to clarify difficulties arising in the application or interpretation of the Appointed Actuary Regulations. It may also relax strict enforcement of any provision on a fee-supported application, provided it records the reasons for granting the relaxation in writing.

The Authority may prescribe norms, procedures, processes and manners for compliance by IIOs to implement, facilitate and regulate the functions of the Appointed Actuary and matters incidental to those functions.