| 2A.12.1 |
A microinsurer must, at least 31 days prior to marketing or offering a new microinsurance product, notify the Authority of the intention to launch a new product and submit the following information to the Authority: |
| (a) |
a summary of the benefits, exclusions, terms and conditions forming part of the new product; |
| (b) |
the proposed commission payable for rendering services as intermediary relating to the new product and the intended structure of the commission payable; and |
| (c) |
all material intended to be used in advertisements relating to the new product. |
| 2A.12.2 |
For purposes of rule 2A.12.1 any material change to the design of an existing product or to the benefits, terms or conditions offered thereunder would constitute a new product. |
| 2A.12.3 |
The Authority may at any time (within the 31 day period or any time thereafter) by notice to a microinsurer— |
| (a) |
object to any of the benefits, terms and conditions, commission payable and advertisement of a microinsurance product, and |
| (b) |
instruct the microinsurer to— |
| (i) |
stop advertising, marketing or offering the microinsurance policies; |
| (ii) |
not renew the microinsurance policies; |
| (iii) |
terminate the microinsurance policies within 90 days of the date determined by the Authority; or |
| (iv) |
amend any of the benefits, terms and conditions and advertisements of any microinsurance policy or policies by a date determined by the Authority and in accordance with the requirements of the Authority. |
[Rule 2A.12 inserted by rule 6(b) of Notice No. 996, GG 41928, dated 28 September 2018]
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