MANNER OF PAYMENT, RECEIPT OF PREMIUM AND ASSUMPTION OF RISKInternational Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022
MANNER OF PAYMENT, RECEIPT OF PREMIUM AND ASSUMPTION OF RISKInternational Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022
Premium payment definitions govern insurance and reinsurance consideration, cash deposits, grace periods, and contractual payment warranties in financial centres.
Definitions governing premium payment and receipt cover cash deposits, grace periods, premium payment warranty clauses and premium. A grace period preserves an existing policy's force while payment is made without penalty, late fee or lapse. Premium has the meaning assigned under the Insurance Act, 1938; in reinsurance, it is the consideration paid or payable under a reinsurance contract to cover risk. Undefined terms adopt meanings assigned under the applicable statutory framework and related rules or regulations.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.