Regulatory Alerts2005-12-15
Added · Updated
Notice 302 Product Development and Pricing
This Notice applies to direct insurers licensed to carry on life business and mandates prudent management oversight and board approval for insurance product development and pricing procedures. It prohibits new insurance products submitted on or after 1 October 2013 from including settlement options or allowing payouts more than 10 years after an insured event. Insurers must obtain written approval from the Authority one month before launching products with new features, while notification is required within 7 working days for products not requiring approval. Additionally, insurers must disclose to policyholders that settlement option moneys are not covered by the PPF Scheme and rank after policy liabilities in the event of insolvency.
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