Section 35, The Insurance Act, 2000

(1) No insurer shall allow credit on the premium payable on an annual policy for a period exceeding sixty days. (2) The receipt of an insurance premium shall be a condition precedent to a valid contract of insurance and there shall be no cover in respect of an insurance risk, unless the premium is paid in advance. PART IV — RECORDS, ACCOUNTS AND RETURNS [Margin: Separation of accounts.]