Regulation 9 - Any refund of premium, which may become due to an insured on account of cancellation of a policy...
International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022 Chapter III REFUND OF PREMIUM TO THE INSURED
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Premium refund payments must be remitted directly to insured persons and cannot be credited to an agent's account. Premium refunds due on cancellation of an insurance policy, alteration of its terms and conditions, or any other basis must be paid by the IIO directly to ... Summary
Premium refund payments must be remitted directly to insured persons and cannot be credited to an agent's account.
Premium refunds due on cancellation of an insurance policy, alteration of its terms and conditions, or any other basis must be paid by the IIO directly to the insured through a permitted payment mode. The refund cannot be credited to an agent's account.
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