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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 t .....

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id Rules came into effect from 19.02.2015. The Rules prescribes the quantum of foreign direct investment as detailed below: No Indian Insurance company shall allow the aggregate holdings by way of total foreign direct investment in its equity shares .....

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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 ru .....

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investors and other eligible portfolio investor entities of persons in accordance with provisions contained in Regulations 5 (2), (2A), (3) and (8) of FEMA Regulations, 2000. The term total foreign investment in an Indian Insurance Company is define .....

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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 .....

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nsurance Company - defined under Rule 2(l) as more than 50% of the equity capital in it is beneficially owned by resident Indian citizens or Indian companies which are owned and controlled by resident Indian citizens. The foreign direct investme .....

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% shall be on the FIPB route and shall require FIPB approval subject to compliance of the provisions of the Act; Foreign Portfolio Investment in an Indian Insurance Company shall be governed by the provisions contained in Regulation 5(2), (2A), (3) .....

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cified by RBI under FEMA; The Foreign equity investment cap of 49% shall apply on the same terms as above to - Insurance brokers; Third party administrators; Surveyrs; and Loss assessors; and Other insurance intermediaries appointed unde .....

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