TMI BlogReview of Foreign Direct Investment Policy (FDI) on Insurance SectorX X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 obtain necessary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 Intermediaries appointed under the provisions of the Insurance Regulatory and Development Authority Act,1999 (41 of 1999): (h) Provided that where an entity like a bank, whose primary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany', `Indian Company', `Indian Control of an Indian Insurance Company', `Indian Ownership', `Non-resident Entity', `Public Financial Institution', `Resident Indian Citizen', `Total Foreign Investment' will have the same meaning as provided in Notification No. G.S.R 115 (E), dated 19th February, 2015. 2.0 The above decision will take immediate e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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