Section 3(1) in International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022
(1)— In these regulations, unless the context otherwise requires —(a)‘Act’? means the International Financial Services Centres Authority Act, 209 (50 of 209);(b)‘Authority’ or ‘IFSCA’ means the International Financial Services Centres Authority established under sub-section () of Section 4 of the Act;(c)‘cash deposit’ means deposit of cash by the insured, policy holder or proposer to the ITO in advance towards adjustment of premium;(d)‘grace period’ means the specified period of time immediately following the premium due date within which the policy is considered to be in force, and payment can be made without any penalty or late fee for renewal or continuation of an existing policy, without the policy getting lapsed;(e)‘International Financial Services Centre Insurance Office’or ‘ITO’ shall have the meaning as assigned to it under clause (k) of sub-regulation (.) of regulation 3 of the International Financial Services Centres Authority (Registration of Insurance Business) Regulations 202];(f)‘premium’ refers to the consideration paid or payable under a contract of insurance to cover the risk;(g)‘premium payment warranty clause’ refers to a clause incorporated in the contract of insurance, relating to the time and manner of payment of premium.
