TMI BlogReview of Foreign Direct Investment (FDI) policy on Insurance Sector.X X X X Extracts X X X X X X X X Extracts X X X X ..... or/Activity % of Equity/ FDI Cap Entry Route 5.2.22.1 Insurance Company 74% Automatic 5.2.22.2 Intermediaries or Insurance Intermediaries including insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, Surveyors and Loss Assessors and such other entities, as may be notified by the Insurance Regulatory and Development Authority of India from time to time. 100% Automatic 5.2.22.3 Other Conditions: (a) No Indian Insurance company shall allow the aggregate holdings by way of tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended from time to time and applicable rules/regulations notified by the Department of Financial Services/Insurance Regulatory and Development Authority of India from time to time. (e) Foreign portfolio investment in an Indian Insurance company shall be governed by the provisions contained in Chapter-IV , Rule 10 and 11 read with Schedule II of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 , as amended from time to time and provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 , as amended from time to time. (f) Any increase in foreign investment in an Indian Insurance company shall be in accordance with the pricing guidelines specified by Reserve Bank of Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olding of foreign investors shall undertake the following: i. be incorporated as a limited company under the provisions of the Companies Act, 2013 ; ii. at least one from among the Chairman of the Board of Directors or the Chief Executive Officer or Principal Officer or Managing Director of the insurance intermediary shall be a resident Indian citizen; iii. shall take prior permission of the Authority for repatriating dividend; iv. shall bring in the latest technological, managerial and other skills; v. shall not make payments to the foreign group or promoter or subsidiary or interconnected or associate entities beyond what is necessary or permitted by the Authority; vi. shall make disclosures in the formats to be specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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