GIC has been permitted to accept premiums in rupees from importers against import of goods into India on production of a certificate from them to the effect that -
(a) the insurance charges on the shipment in question have to be borne by importer in terms of the contract with the overseas seller,and

(b) where the import is covered under an Import Licence, he undertakes to ensure that the amount of insurance premium paid will be endorsed on the import licence in due course.