The International Financial Services Centres Authority (IFSCA) on May 12, 2026, issued a consultation paper seeking public comments and suggestions on the proposed amendments to the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2026 (64VB Regulations).
The following has been stated:
The proposed amendment aims to align the definition of “premium” under the 64VB Regulations with the definition newly inserted under Section 2(13BC) of the Insurance Act, 1938, pursuant to the Sabka Bima Sabki Raksha (Amendment of the Insurance Laws) Act, 2025, notified on December 21, 2025. Since the provisions of the Insurance Act, 1938, are applicable within IFSC jurisdiction under Section 13 of the IFSCA Act, 2019, the amendment is proposed to ensure consistency within the regulatory framework governing insurance activities in IFSCs.
The draft amendment has been placed on the IFSCA website for public consultation. Stakeholders and members of the public have been invited to submit their comments and suggestions to the Division of Insurance Regulations, IFSCA, through email by June 02, 2026.
Draft amendment placed on IFSCA website for public consultation, public comments and suggestions invited till June 02, 2026. Comments requested in MS Word or MS Excel format only in the attached format.
Please refer to the document attached below for more details.
