Section 87: Premium rate under long term policy

87. Premium rate under long term policy (1) A long term insurer shall not issue a long term insurance policy except where the premium rate chargeable under that class of policy has been certified by the actuary as being prudentially sound. (2) A long term insurer shall provide the Commission with particulars of a new long term insurance policy product together with the certificate from its actuary, the prospectus or other sales literature and specimen policy relating to that product and any other supporting information as the Commission may specify at least 30 days before offering the product to the public. (3) Where it appears to the Commission that a long term insurance product is not appropriate for any reason, the Commission may before the expiry of the 30 days— (a) prohibit the insurer from offering the policy to the public; (b) require the insurer to make such changes to the product as the Commission may specify before being offered to the public. (4) The actuary shall not certify premium rates for a long term insurance policy product except where he is satisfied that it is suitable and in accordance with sound insurance business and actuarial principles. (5) The Commission may require the actuary of a long term insurer to provide it with a report on— (a) the suitability of the policy terms and premium rates for the time being chargeable by the insurer for a long term insurance policy product; or (b) on such other matter as the Commission may specify in its request. (6) The Commission may after considering the report of the actuary take such measures as are referred to in subsection (3). (7) No action shall lie against the Commission or any member of the Commission for any damage or loss suffered as a result of any long term policy filed with the Commission. [S. 87 amended by s. 26 of Act 16 of 2007 w.e.f. 28 September 2007.] [Issue 1] I15 – 58 Revised Laws of Mauritius