Section 12(3) in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
(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.
