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;
- Transmittal letter
- Application/proposal form
- The policy wording/documentation together with any riders and endorsements
- An actuarial memorandum
- Marketing Brochure
- Certification(s)
- Filing fees
Click here to download the entire Life Product Guidelines