The insurer has also reviewed 365 additional complaints across Prudential Life and Gibraltar Life since January, with 125 cases qualifying for reimbursement.
The agreement addresses potential conflict-of-interest concerns while Prudential pursues its acquisition of a controlling stake in Bharti Life Insurance.
The association is prioritising distribution oversight, strengthening corporate risk management, and advancing digital and regulatory reforms amid mounting catastrophe risks.
The Insurance Authority has urged insurers and brokers to strengthen self-reporting and oversight after inspections found recurring governance and due diligence gaps.
Investigators from the Fair Trade Commission visited the headquarters of eight insurers to secure materials linked to corporate group accident insurance tenders.
