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CONSULTATION PAPER ON PROPOSED
International Financial Services Centres Authority (Manner of Payment and Receipt of
Premium) (Amendment) Regulations, 2026
Objective:
The objective of this consultation paper is to seek comments / views/ suggestions from public
on the proposed amendments to the definition of premium as provided in International
Financial Services Centres Authority (Manner of Payment and Receipt of Premium)
(Amendment) Regulations, 2026 (hereinafter referred to as 64VB Regulations).
Background:
1. The Sabka Bima Sabki Raksha (Amendment of the Insurance Laws) Act, 2025 [SBSR
Act 2025] was notified on 21-Dec-2025. This notification resulted into amendment /
modification to various provisions of the Insurance Act, 1938.
2. It is noted that the definition of ‘premium’ has been newly inserted under Section 2
(13BC) of the Insurance Act, 1938 (4 of 1938) (hereinafter referred to as Principal Act).
3. As per Sec. 13 of the IFSCA Act, 2019, the provisions of the Principal Act are also
applicable in the IFSC jurisdiction. Thus, amendments to above laws may have
implications on IFSCA’s extant regulatory framework on insurance.
4. Accordingly, it is proposed to amend 64VB regulations by substituting the existing
definition of “premium” under these regulations, with the same meaning as assigned to
it as per the Principal Act.
Public Consultation :
5. In view of the above, draft amendment to the 64VB regulations is placed on the website
of the IFSCA at https://ifsca.gov.in/PublicConsultation. General public and stakeholders
are requested to forward their comments / suggestions through e-mail to Division of
Insurance Regulations (DoIR), IFSCA at insurance-dept@ifsca.gov.in, with copy to Mr.
Bhaskar Khadakbhavi at bhaskar.khadakbhavi@ifsca.gov.in, and Mr. Sachin Budhawant
at sachin.budhawant@ifsca.gov.in, by 02nd June, 2026 in the attached format. It is further
requested to provide comments in MS Word or MS Excel format only.
*****INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
DRAFT NOTIFICATION
Gandhinagar, the XX June, 2026
DRAFT - International Financial Services Centres Authority (Manner of Payment and
Receipt of Premium) (Amendment) Regulations, 2026
IFSCA/2026-27/GN/REGxxx — In exercise of the powers conferred by sub-section (1) of
Section 28 read with Section 12 and 13 of the International Financial Services Centres
Authority Act, 2019 read with clause (zaa) of sub-section (2) of section 114A of the Insurance
Act, 1938, the International Financial Services Centres Authority hereby makes the following
amendments to the International Financial Services Centres Authority (Manner of Payment and
Receipt of Premium) (Amendment) Regulations, 2026 namely:-
1. Short title and commencement: -
(1) These Regulations may be called the International Financial Services Centres
Authority (Manner of Payment and Receipt of Premium) (Amendment)
Regulations, 2026;
(2) They shall come into force from the date of their publication in the Official Gazette.
2. Clause (f) of sub-regulation (1) of regulation 3 shall be substituted as under –
“‘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);”.
K. Rajaraman, Chairperson
[ADVT.-III/4/Exty./xxx/2026-27]
Note: The International Financial Services Centres Authority (Manner of Payment and Receipt
of Premium) Regulations, 2022 were published in the Gazette of India Extraordinary vide
notification No. IFSCA/2022-23/GN/REG032 on 13th January, 2023.Format for providing comments / suggestions
Proposed –
International Financial Services Centres Authority (Manner of Payment and Receipt of
Premium) (Amendment) Regulations, 2026
Inputs / Comments suggested by:
Page No. of Reg. No. Sub-Reg. Comments/ Rationale
Draft No. / Para Suggestions/
Regulation No. Suggested
modifications
*****