Section 14 in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
14. Cancellation or Surrender of Policies:
(1)— The policyholder of life insurance policy or general insurance policy may surrender or cancel the policy, as the case may be, at any time by giving prior notice to IO as required under the policy, which shall be processed as per terms and conditions of such policy;(2)— Every life and health insurance policy shall provide free look cancellation option to the policy holder along with the timelines for exercising such option and provisions for refund of premium;(3)Every general insurance policy shall contain the cancellation clause and grounds leading to cancellation of an insurance policy along with the timelines for cancellation;(4)The TIO may cancel the insurance policy mid-term only on the grounds of fraud, misrepresentation or moral hazard
