Section 5 in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
5. An IIO shall design and market insurance products considering the understanding of the prospects about the product and ensure that products are compatible with the needs, characteristics and objectives of the prospects including justification of the rates, terms and conditions thereof which shall be duly certified by a qualified actuary.
Explanation: Any designing and marketing of such insurance product by an IIO shall also be in compliance with provisions of sub-section (.) of section 3 of the Insurance Act, 938 read with regulation l0 of the IFSCA (Registration of Insurance Business) Regulations, 202.
