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Review of Foreign Direct Investment Policy (FDI) on Insurance Sector

FEMA - Press Note No. 1(2016 Series) - Dated:- 23-3-2016 - Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 1(2016 Series) Subject: . The Government of India has liberalized its Foreign Direct Investment policy on Insurance Sector. Accordingly, Paragraph 6.2.18.7 of Consolidated FDI Policy Circular 2015', effective from 12.5.2015, is amended to read as below: S. No. Sector/Activity % of Equity/ FDI Cap Entry route 6.2.18.7 .....

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forty-nine percent of the paid up equity capital of such Indian insurance company (b) The Foreign Investment proposals up to forty-nine per cent of the total paid up equity of the Indian Insurance Company shall be allowed on the automatic route subject to verification by the Insurance Regulatory and Development Authority of India. (c) Foreign investment in the sector is subject to compliance of the provisions of the Insurance Act, 1938 and the condition that Companies bringing in FDI shall obtai .....

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on 5 of FEMA Regulations, 2000 and provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations. (f) Any increase of foreign investment of an Indian insurance company shall be in accordance with the pricing guidelines specified by Reserve Bank of India under the FEMA. (g) The foreign equity investment cap of 49 percent shall apply on the same terms as above to Insurance Brokers, Third Party Administrators, Surveyors and Loss Assessors and Other Insurance Int .....

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