Regulatory Alerts2023-09-01 | 24029Added · Updated
Guideline for the Approval of New or Significantly Amended Insurance Products under the Insurance Act, 2018
Insurers and associations of underwriters must obtain approval or no objection from the Inspector of Financial Institutions before launching new or significantly amended insurance products. General insurance products require submission at least twenty business days prior to launch, with silence constituting no objection, while long-term products require sixty business days, with silence deemed approval. Insurers must establish a Board-approved Product Development Policy within six months of the effective date and ensure all marketing materials are clear, accurate, and compliant with disclosure requirements.
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