Indian Insurance Company - Indian Laws - General

As per section 2(7A) of the Insurance Act 1938 , In this Act, unless there is anything repugnant in the subject or context,- Indian Insurance Company means any insurer, being a company which is limited by shares, and,- (a) which is formed and registered under the Companies Act, 2013 as a public company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015; (b) in which the aggregate holdings of equity shares by foreign investors, including portfolio investors, do not exceed forty-nine per cent of the paid-up equity capital of such Indian insurance company, which is Indian owned and controlled , in such manner as may be prescribed. Explanation. - For the purposes of this sub-clause, the expression control shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements; (c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business;