International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022 Chapter II MANNER OF PAYMENT, RECEIPT OF PREMIUM AND ASSUMPTION OF RISK
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Insurance contract terms must clearly govern premium payment, policy revival, risk commencement, and termination following unpaid or unrealised premium. Every insurance contract must specify the mode and schedule of premium payment, any grace period and consequences of non-payment, conditions for revival ... Summary
Insurance contract terms must clearly govern premium payment, policy revival, risk commencement, and termination following unpaid or unrealised premium.
Every insurance contract must specify the mode and schedule of premium payment, any grace period and consequences of non-payment, conditions for revival of a lapsed policy, and the date on which risk commences. It must also identify the date of risk termination on unpaid or unrealised premium, considering the line of business and policy duration, include any agreed Premium Payment Warranty clause, and contain further information specified by the Authority.
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