Regulation 8 - Payment of Premium for contracts of Reinsurance
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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Reinsurance premium payment permits risk assumption before payment in specified contracts, subject to warranty terms and premium accounting systems. Payment of premium for reinsurance contracts permits assumption of risk without advance premium payment for insurance accepted under automatic reinsurance ... Summary
Reinsurance premium payment permits risk assumption before payment in specified contracts, subject to warranty terms and premium accounting systems.
Payment of premium for reinsurance contracts permits assumption of risk without advance premium payment for insurance accepted under automatic reinsurance contracts. Facultative reinsurance risk may be assumed without advance payment where a Premium Payment Warranty clause is incorporated and its terms are followed. Reinsurers must maintain systems to ensure that all premiums receivable are duly received and accounted for.
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