Cap. 403 Art. 48CPolicy conditions and scales of premiums.

(1) An authorised undertaking shall not be required to submit to the competent authority for its prior approval or systematically notify the competent authority of:

(a) general and special policy conditions, of scales of premiums, of the technical bases used in particular for calculating scales of premiums and technical provisions, or of forms and other printed documents which the authorised undertaking intends to use in its dealings with policyholders or ceding or retro-ceding undertakings;

(b) premium rates or proposed increases of premium rates, other than as part of general price-control systems.

(2) Notwithstanding the provisions of sub-article (1), the competent authority may require:

(a) in respect of general business, the notification of the policy conditions, other documents and information referred to in sub-article (1) for the purpose of verifying compliance with the law applicable to contracts of insurance;

(b) in respect of long term business, the notification of the technical bases used in particular for calculating scales of premiums and technical provisions for the sole purpose of verifying compliance with any actuarial principles which may be established by this Act, regulations or Insurance Rules issued thereunder.