Summary: The International Financial Services Centres Authority (IFSCA) has notified the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) (Amendment) Regulations, 2026 through Notification No. IFSCA/GN/2026/014 dated 26 August 2026. The amendment further modifies the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022. It substitutes clause (f) of sub-regulation (1) of Regulation 3 dealing with the definition of “premium”. Under the substituted provision, “premium” will have the same meaning as assigned under sub-section (13BC) of Section 2 of the Insurance Act, 1938. An Explanation has also been inserted clarifying that, for re-insurance business, premium refers to the consideration paid or payable under a contract of re-insurance to cover the risk. The amendment has been made in exercise of powers under Section 28 read with Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019 and clause (zaa) of Section 114A(2) of the Insurance Act, 1938, read with Ministry of Finance, Department of Financial Services Notification S.O. 3035(E) dated 4 July 2022. The Amendment Regulations come into force from the date of their publication in the Official Gazette.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 26th August, 2026
International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) (Amendment) Regulations, 2026
IFSCA/GN/2026/ 014.—In exercise of the powers conferred by Section 28 read with Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, and clause (zaa) of sub-section (2) of Section 114A of the Insurance Act, 1938, read with Ministry of Finance, Department of Financial Services, notification number S.O. 3035(E) dated 04th July, 2022, the International Financial Services Centres Authority hereby makes the following regulations, to further amend the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022 (hereinafter referred to as the ‘principal regulations’), namely: –
1. Short title and commencement.
i. These Regulations may be called the International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) (Amendment) Regulations, 2026.
ii. They shall come into force on the date of their publication in the Official Gazette.
2. 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;”
PRADEEP RAMAKRISHNAN, Executive Director
[ADVT.-III/4/Exty./297/2026-27]
Note: The International Financial Services Centres Authority (Manner of Payment and Receipt of Premium) Regulations, 2022 were published in the Gazette of India on 13th January 2023 vide notification No. IFSCA/2022-23/GN/REG032.
