Normally premium is paid once per annum depending on the arrangement made for the insurance policy at cover inception. However, premium might subject to adjustment at midterm or at the end of insurance period year to cover all amendments occurred during period of insurance if any as a result to that additional or return premium can be charged or paid back to the insured on pro rata basis.

On the other hand, usually premium is paid to insurance company albeit sometimes insurance policy is subject to reinsurance for a risk that needs to be reinsured due to lack of insurance capacity to retain the risk on its own therefore risk is distributed amongst insurance carriers and as a result of this arrangement premium is proportionally paid to the insurance panel.

Insured however will not be involved in paying premiums to the panel to make it clear insured only makes payment to local insurance carrier their policy has been issued from.