Section 12 in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
12. Insurance Product title and Unique Identification Number:
(1)AnTIO shall ensure that the insurance product carries the IIO’s name and product’s name in all pages of all the documents. It is also necessary that separate documents must carry page numbers as that of the total number of pages of each document (i.e. | of 30, 2 of 30 and so on if, for example, the total pages in the documents are 30).(2)An TIO shall not market any insurance product without allotting a Unique Identification Number (UIN);Provided that in case of modification or revision of an existing insurance product, a separate UIN shall be allotted, clearly indicating that the insurance product being marketed is revised version of an earlier insurance product.(3)An IIO shall device its own methodology / algorithm for issuance of UIN and submit the same to the Authority.Provided that IOs are not permitted to change the methodology / algorithm for issuance of UIN;Provided further that the existing Os shall develop methodology / algorithm for issuance of UIN and submit the same to the Authority, within one month from the notification of these regulations.
