The International Financial Services Centres Authority (IFSCA) has issued a Consultation Paper on the draft International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) (Amendment)Regulations, 2026, dated May 12, 2026.The draft proposes to substitute the definition of “premium in the existing Regulations to align it with the newly inserted definition under Section 2(13BC) of the Insurance Act, 1938, as introduced by the
Sabka Bima Sabki Raksha (Amendment of the Insurance Laws) Act, 2025.
Objectives of the Draft Amendment Regulations
- The Sabka Bima Sabki Raksha (Amendment of the Insurance Laws) Act, 2025 was notified on December 21, 2025, resulting in amendments to various provisions of the Insurance Act, 1938.
- A new definition of “premium” has been inserted under Section 2(13BC) of the Insurance Act, 1938.
- Under Section 13 of the IFSCA Act, 2019, the provisions of the Insurance Act, 1938 are applicable within the IFSCA jurisdiction.
- To maintain consistency between the IFSCA regulatory framework and the amended Insurance Act, the existing definition of “premium” in the Regulations will be substituted with the definition provided under the Insurance Act, 1938.
- Public comments and suggestions have been invited by June 02, 2026.
Submission of Comments
General public and stakeholders may submit their comments or suggestions through email by June 02, 2026 to:- Division of Insurance Regulations (DoIR), IFSCA Email: insurance-dept@ifsca.gov.in
- Copy to: Mr. Bhaskar Khadakbhavi bhaskar.khadakbhavi@ifsca.gov.in
- Mr. Sachin Budhawant sachin.budhawant@ifsca.gov.in
Format for Providing Comments / Suggestions
| Field |
|---|
| Proposed IFSCA (Manner of Payment and Receipt of Premium) (Amendment) Regulations, 2026 |
| Inputs / Comments Suggested By |
| Page No. of Draft Regulation |
| Regulation No. |
| Sub-Regulation No. / Paragraph No. |
| Comments / Suggestions / Proposed Modifications |
| Rationale |
Key Changes Introduced
| Sl. No. | Regulation | Existing Provision | Change Introduced | Revised Provision |
|---|---|---|---|---|
| 1 | Regulation 1(1) & 1(2) | Short title, commencement and applicability(1) These regulations may be called the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022. (2) They shall come into force from the date of publication in the Official Gazette. | Substitution of the title of the Regulations. | 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 publication in the Official Gazette. |
| 2 | Regulation 3(1)(f) | Premium refers to the consideration paid or payable under a contract of insurance to cover the risk. | Definition of “premium” substituted. | “Premium” shall have the same meaning as assigned under Section 2(13BC) of the Insurance Act, 1938. |
Attachment
Source: IFSC Insurance Office
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