Section 4 in International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022
4. An ITO shall have a board approved policy known as “Product Oversight and Governance Policy’ prepared in accordance with applicable regulatory framework, which shall inter-alia contain the provisions related to -
(1)— methods and processes for designing of the insurance product;(2)approval, monitoring, reviewing and distribution of insurance products; and(3)corrective steps to be taken for insurance products that are detrimental to the interest of prospects or policy holders.Explanation: The ‘Product Oversight and Governance Policy’ shall govern all aspects of an Insurance Product to be marketed and distributed by an IIO, and as such no approval for an Insurance Product is required from the Authority, unless so specified.Provided that the IIO shall submit the final policy wording to the Authority, before marketing of an insurance product, other than a re-insurance product, including any modified or revised product, in such manner as may be specified by the Authority.
