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Article (17) – Submitting the Product to the Authority

Effective from 9/10/2019
  1. All products must be certified by the Actuary and submitted in accordance with the requirements of the Authority. In all cases, the following documents and data shall be provided at a minimum:
     
    1. Policy contract or wording;
       
    2. Policy documents, including sample policy specification schedule if any;
       
    3. Application form;
       
    4. Sample Illustrations;
       
    5. Product brochures and sales materials;
       
    6. Premium adequacy analysis;
       
    7. Information regarding any reinsurance arrangements;
       
    8. Information related to takaful insurance, details of Wakala and / or Mudaraba fees of the product
       
    9. All documents specified by the Authority; and
       
    10. Any other material deemed relevant by the Actuary.
       
  2. All policy documents that could be submitted to the policyholder must be duly submitted in both Arabic and English.
     
  3. All existing products sold prior to the end of the alignment period can remain in use after the alignment period and it is not mandatory to be resubmitted for approval if they meet all of the terms and conditions of the Instructions herein.