The International Financial Services Centres Authority (IFSCA) on September 01, 2026, issued the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) (Amendment) Regulations, 2026.
The following amendments have been stated:
• In the principal regulations, the clause (f) of sub-regulation (1) of regulation 3 shall be substituted as under –
“(f) ‘premium’ shall have the same meaning as assigned to it under sub-section (13BC) of section 2 of the Insurance Act, 1938 (4 of 1938).
Explanation. – For the purposes of re-insurance business, premium refers to the consideration paid or payable under a contract of re-insurance to cover the risk;”
They shall come into force on September 01, 2026.
[Notification No. IFSCA/GN/2026/ 014]
