The International Financial Services Centres Authority (IFSCA) on January 12, 2023, issued the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022.
The following has been stated namely: -
• The objective of these regulations is to put in place the manner of payment of premiums for an insurance policy, assumption of risk, receipt or refund of premium, and other terms and conditions.
• These regulations shall be applicable to all IIOs
• The Manner of Payment, Receipt of Premium, and Assumption of Risk have been stated
• Any refund of premium, which may become due to an insured on account of cancellation of a policy or alteration of any term and condition or otherwise, shall be paid by the IIO directly to the insured in any manner specified in sub-regulation (1), (3) and (4) of regulation 4 of these regulations and shall in no case be credited to the account of the agent.
This has come into force on January 12, 2023
Please refer to the notification for more information
[Notification No. IFSCA/2022-23/GN/REG032]
