Guidelines & Formats

Life Products Guidelines

In a bid to protect policyholders, section 45 of Insurance Act, 2006 (Act 724) requires all new insurance products to be approved by the NIC.

Objectives

  • The main objectives of the approval is to vet and ensure the following
  • The financial viability of the product
  • The quality/suitability of the product to the policyholder
  • The manner in which the product is sold
  • The ability of the insurance company to meet its obligations under the contract

An application for product approval must contain the following documents;

  1. Transmittal letter
  2. Application/proposal form
  3. The policy wording/documentation together with any riders and endorsements
  4. An actuarial memorandum
  5. Marketing Brochure
  6. Certification(s)
  7. Filing fees

Click here to download the entire Life Product Guidelines