Section 84
Assumption of risk
of Financial Services Act 2013
ActIn forceProvision 84 of 124
Section 84
(1)
No licensed insurer shall assume any risk in respect of such description of policy as may be prescribed by the Bank unless and until the premium payable is received by the licensed insurer in such manner and within such time as may be prescribed by the Bank.
(2)
Where the premium payable under subsection (1) is received by a person on behalf of a licensed insurer, the receipt shall be deemed to be receipt by the licensed insurer for the purpose of that subsection and the onus of proving that the premium was received by a person who was not authorized to receive the premium shall lie on the licensed insurer.