Establishment of Liaison Offices in India by foreign Insurance companies

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..... Attention of Authorised Dealer Banks is invited to Regulation 3 of Notification No. FEMA22/2000-RB dated May 3, 2000 as amended from time to time, in terms of which a person resident outside India is required to obtain prior approval of the Reserve Bank of India for establishing a branch or liaison office or any other place of business by whatever name called, in India. 2. It has since been de .....

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..... gn Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000 (Notification No.FEMA.22/2000-RB dated May 3, 2000), are being issued separately. 5. Authorised Dealers may bring the contents of this Circular to the notice of their constituents/customers concerned. The directions contained in this circular have been issued under Sections 10 (4) and .....

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..... r than the activity for which the approval has been granted by the IRDA/RBI, as the case may be. iii. The Liaison Office in India shall not enter into any business contracts in its own name without prior permission of IRDA/RBI. iv. No commission/fees will be charged or any other remuneration received/income earned by the Liaison Office in India for liaison activities, /services consultancy ser .....

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..... ii. The Liaison Office in India shall furnish to the IRDA, on an annual basis, a certificate from the auditor that the Office has complied with the terms and conditions stipulated in the letter of approval issued by the IRDA/RBI and that all the expenses are met by way of approved means. ix. For Liaison Offices established with IRDA or RBI approval, the closure will be allowed by IRDA under inti .....

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..... he local expenses of the Liaison Office. xiii. The activities/affairs of these offices may be verified/ examined by IRDA/RBI/Government of India by carrying out a scrutiny as and when found necessary. xiv. The Liaison office in India shall have to strictly obey and respect the laws in force in India and there shall be no compromise or excuse for the ignorance of the Indian legal system in any .....

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