Section 16(1) in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
(1)Proposal form —(a)An IIO shall create and maintain proposal forms either in physical or in electronic mode, which shall be in accordance with its ‘Product Oversight and Governance Policy’;(b)The proposal form shall also have a provision to capture the electronic Insurance Account (eIA) number, if available;(c)Where the information about the prospect is captured in physical form, the IO shall make necessary arrangements to convert the information 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.
