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Almost ten years after the Office of the Insurance Commission ("OIC") issued its notification governing the sale of insurance policies by life and non-life insurance companies in 2008, the OIC has published the draft Notifications re: Rules and Procedures for Issuing and Offering for Sale Insurance Products of Life and Non-Life Insurance Companies and the Operations of Insurance Agents and Licensed Brokers (the "Draft Notifications"). The Draft Notifications will replace and repeal their predecessors, which are now out-of-date because of the supplementary notifications and rules that have been issued in recent years.

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