Section 4(3) in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
(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 marketed and distributed by an IIO, and as such no approval for an Insurance Product is required from the Authority, unless so specified.Provided that the IIO shall submit the final policy wording to the Authority, before marketing of an insurance product, other than a re-insurance product, including any modified or revised product, in such manner as may be specified by the Authority.
