International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022.
On 12th January 2023, the International Financial Services Centres Authority (IFSCA) issued a Notification No. IFSCA/2022-23/GN/REG029, titled “International Financial Services Centres Authority (Insurance Products and Pricing) Regulations, 2022”.
The IFSCA Insurance Products and Pricing Regulations 2022 are designed to govern how insurance products are designed and priced by International Financial Services Centre Insurance Offices (IIOs), excluding re-insurance. These rules aim to ensure robust risk management, protect policyholder interests, and enforce specific governance policies.
Under these regulations, IIOs must create a board-approved ‘Product Oversight and Governance Policy’ outlining procedures for product design, approval, and monitoring. Compliance includes justifying rates and terms with actuarial input and managing distribution conflicts. These regulations aim to streamline operations and improve consumer protection within International Financial Services Centres (IFSCs).
