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Review of FDI Policy on Insurance Sector - Amendment 'Consolidated FDI Policy Circular 2014'

FEMA - Press Note No. 3 (2015 Series) - Dated:- 2-3-2015 - Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 3 (2015 Series) Subject - Review of FDI Policy on Insurance Sector - Amendment Consolidated FDI Policy Circular 2014' 1.0 Present Position: 1.1 Paragraph 6.2.17.7 of 'Consolidated FDI Policy Circular 2014', effective from April 17, 2014, relating to insurance sector, presently reads as below: S. No. Sector/ A .....

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opment Authority for undertaking insurance activities. (3) The provisions of paragraphs 6.2.17.2.2(4)(i) (c) & (e), relating to 'Banking Private Sector', shall be applicable in respect of bank promoted insurance companies. (4) Indian Insurance Company is defined as a company: (a) which is formed and registered under the Companies Act, 1956; (b) in which the aggregate holdings of equity shares by a foreign company either by itself or through its subsidiary companies or its nominees, d .....

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RDA (TPA-Health Services) Regulations, 2001, "TPA" means a Third Party Administrator who, for the time being, is licensed by the Authority, and is engaged, for a fee or remuneration, by whatever name called as may be specified in the agreement with an insurance company, for the provision of health services. (7) Surveyors and Loss Assessors will be governed by the IRDA Insurance Surveyors and Loss Assessors (Licencing, Professional Requirements and Code of Conduct) Regulations, 2000. 2. .....

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d under the provisions of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) 49% {(FDI+FPI(FII,QFI)+NRI+FVCI+DR} Automatic up to 26% Government route beyond 26% and up to 49% 6.2.17.7.2 Other conditions (a) No Indian insurance company shall allow the aggregate holdings by way of total foreign investment in its equity shares by foreign investors, including portfolio investors, to exceed forty-nine per cent of the paid up equity capital of such Indian insurance company. (b) Fore .....

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ce company shall ensure that its ownership and control remains at all times in the hands of resident Indian entities referred to in Notification No. G.S.R 115 (E), dated 19th February, 2015. (e) Foreign portfolio investment in an Indian insurance company shall be governed by the provisions contained in sub-regulations (2), (2A), (3) and (8) of regulation 5 of FEMA Regulations, 2000 and provisions of the Securities Exchange Board of India (Foreign Portfolio Investors) Regulations. (f) Any increas .....

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ntity like a bank, whose primary business is outside the insurance area, is allowed by the Insurance Regulatory and Development Authority of India to function as an insurance intermediary, the foreign equity investment caps applicable in that sector shall continue to apply, subject to the condition that the revenues of such entities from their primary (i.e. non-insurance related) business must remain above 50 per cent of their total revenues in any financial year. (i) The provisions of paragraph .....

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