Section 4(4) in International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022
(4)— any other method or manner of payment as may be specified by the Authority.Assumption of risk with or without receipt of premium in advance -For the purposes of these regulations, an ITO may assume the risk, continue to assume the risk or terminate any assumption of risk, subject to satisfaction of the following -(a)the premium payable is received by it;(b)the premium payable is guaranteed in terms of sub-regulation (2) of regulations 4 of these regulations;(c)the deposit of such amount, as the Authority may specify, is made in advance for adjustment towards premium; or(d)the premium payable to it is in accordance with the terms and conditions of the contract of insurance entered into in this behalf or in such manner as may be specified by the Authority from time to time.An IIO and prospect or insured, as the case may be, may mutually agree for payment of premium in instalments, time schedule and manner of payment of such instalments by incorporating a premium payment warranty clause in the contract of insurance.The contract of insurance shall, inter-alia, specify the following:
