Section 18 in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
18. Fee for Registration, Cancellation or Change of Nomination:
An IIO registered to transact life insurance business shall collect fee of not more than USD 5 (USD Five only) for registering, cancellation or change of the nomination by the holder of a policy of life insurance (including e-insurance policies), on his own life.Explanation:(1)An IIO shall not collect any other fee, towards any other services relating to nomination contained in section 39 of the Insurance Act, 938;(2)The nomination effected by the policy holder at the inception of the policy through the proposal form and recorded by the IIO in the schedule of a policy document shall be considered as a valid acknowledgement by the IIO.
