International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022

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....cial Services, notification number S.O. 3035(E) dated 04th July, 2022, the International Financial Services Centres Authority hereby makes the following regulations namely: - CHAPTER - I PRELIMINARY 1. Short title, commencement and applicability: - (1) These regulations may be called the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022. (2) They shall come into force from the date of their publication in the official Gazette. (3) These regulations shall be applicable to all IIOs. 2. Objective: The objective of these regulations is to put in place the manner of payment of premium for insurance policy, assumption of risk, receipt or refund....

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....ce, relating to the time and manner of payment of premium. (2) Words and expressions used and not defined in these Regulations but defined in the Act or Acts mentioned in the First Schedule to the Act or any rules, regulations made thereunder, shall have the same meanings respectively assigned to them in those Acts, rules or regulations or any statutory modification or re-enactment thereto, as the case may be. CHAPTER - II MANNER OF PAYMENT, RECEIPT OF PREMIUM AND ASSUMPTION OF RISK 4. The premium to be paid by a person proposing to take an insurance policy (hereinafter referred to as the 'proposer') or by a policyholder to an IIO may be made through any of the following manner(s), namely:- (1) recognised instrument of ....

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....ment of premium in full or in instalments; (2) grace period, if any and consequence of non-payment of premium within such grace period; (3) conditions for the revival of lapsed policy, if any; (4) date of commencement of risk ; (5) date of termination of risk upon non-payment or non-realization of premium taking into account the line of business, duration of the insurance policy; (6) Premium Payment Warranty clause, if any, as agreed upon by the IIO and the Insured; and (7) any other information as may be specified by the Authority from time to time. 8. Payment of Premium for contracts of Reinsurance - (1) the risk may be assumed without payment of premium in advance on insur....