Regulatory Alerts2020-08-05
Added · Updated
Circular Issued by the Insurance Authority on Sandbox Application for the Distribution of Long Term Insurance Policies via Video Conferencing Tools
The Insurance Authority issued this circular to outline the requirements for authorized insurers applying for the InsurTech Sandbox to distribute long term insurance policies via video conferencing. Insurers must submit detailed applications covering sales controls, AML/CTF measures, and trial specifics, while adhering to strict operational conditions such as end-to-end recording and customer location verification. The document mandates that recordings be retained for at least seven years after policy termination and requires ongoing security assessments and immediate notification of any material adverse events.
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