Regulatory Alerts2020-07-03
Added · Updated
MFSA Expectations Regarding Product Approval and Oversight for COVID-19 Insurance Coverage
Insurance undertakings intending to include a COVID-19 exemption in their policies must contact the Authority to share their product approval process. The Authority requires sight of this process to verify compliance with product oversight and governance obligations, though it does not approve the amended product or the adoption process itself. Insurers must allow at least 5 business days for the Authority to review submitted documentation and engage with them before launching such amended products.
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