Regulation 3 - Permission to Take or Hold a General Insurance Policy Issued by an Insurer outside India - Foreign Exchange Management (Insurance) Regulations, 2000

1 [Permission to Take or Hold a General Insurance Policy Issued by an Insurer outside India 3. (i) A person resident in India may take or continue to hold a general insurance policy issued by an insurer outside India, provided that, the policy is held, under a specific or general permission of the Central Government. (ii) A person resident in India may continue to hold any general insurance policy issued by an insurer outside India when such person was resident outside India. Provided further that where the premium due on a general insurance policy has been paid by making remittance from India, the policy holder shall repatriate to India through normal banking channels, the maturity proceeds or amount of any claim due on the policy, within a period of seven days from the receipt thereof. ] **************** NOTES:- 1. Substituted vide Notification No. 091/2003 dated 05-06-2003 , w.e.f. 05-06-2003 before it was read as, 3. Prohibition on taking general or life insurance policy issued by an insurer outside India :- Save as otherwise provided in the Act, rules or regulations made or orders or directions issued under the Act, no person resident in India shall take any general or life insurance policy issued by an insurer outside India. Provided that the Reserve Bank may, for sufficient reasons, permit a person resident in India to take any life insurance policy issued by an insurer outside India.