International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022.
On 12th January 2023, the International Financial Services Centres Authority (IFSCA) issued a notification No. IFSCA/2022-23/GN/REG032, titled “International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022.”
The objective IFSCA Manner of Payment and Receipt of Premium Regulations 2022 is to put in place the manner of payment of premium for insurance policy, assumption of risk, receipt or refund of premium and other terms and conditions for carrying on the insurance business in the International Financial Services Centres (IFSC). The regulations provide provision regarding the manner of Payment, receipt of Premium and assumption of risk. Further, also lay down the provisions related to refund of premium.
In addition, the regulations also lay down provisions specified to the board-approved credit risk policy, power to specify procedures, issue clarification, power to remove difficulties and relax strict enforcement of the regulations.
