Regulatory Alerts2022-01-01
Guideline on Approval of New Insurance Products by Insurance Companies and Insurance Brokers
The Registrar of Financial Institutions mandates that insurers and insurance brokers secure prior written approval for new or repackaged products by submitting comprehensive applications detailing business cases, pricing methodologies, risk assessments, and marketing strategies. Applicants must accompany these requests with supporting documentation, including three-year business plans, policy wording, actuarial reports, board resolutions, and proof of capital compliance. This standardized approval process ensures products remain suitable, fairly priced, and transparently marketed to safeguard consumer interests.
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