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INDIAN INSURANCE COMPANIES (FOREIGN INVESTMENT) RULES 2015 AN OVERVIEW

Corporate Laws / Banking / SEBI / LLP - By: - Mr.M. GOVINDARAJAN - Dated:- 28-3-2015 - In exercise of the powers conferred by Section 114 (2) (aaa) of the Insurance Act, 1938 read with Section 2(7A) (b) of the Insurance Act, 1938 and Section 24 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government make rules in respect of foreign investment in Indian insurance companies namely Indian Insurance Companies (Foreign Investment) Rules, 2015 ( Rule for short). The sa .....

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es or persons resident outside India investing in the equity share of an Indian Insurance company, as permitted to do through the Foreign Direct Investment and Foreign Portfolio Investment windows under FEMA regulations, 2000 as described in these rules. The term foreign portfolio investments is defined vide Rule 2(h) as including investments to the equity share of an Indian Insurance company by Foreign Institutional Investors, Foreign Portfolio Investors, Non Resident Indians, Qualified Foreign .....

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with para 4.1.4. of the Consolidated FDI policy of the Government of India. An Indian Insurance Company shall ensure that its ownership and control shall remain at all times in the hands of the resident India entities as indicated below: Indian Control of an Indian Insurance Company - defined under Rule 2(k) as control of such Indian Insurance Company by resident Indian citizen or Indian Companies which are owned and controlled by resident Indian citizens; Indian Ownership of an Indian I .....

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