Foreign Exchange Management (Insurance) Regulations, 2015

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..... of the powers conferred by sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supercession of its Notification No. FEMA.12/2000-RB, dated May 3, 2000, as amended from time to time, the Reserve Bank of India makes the following Regulations with respect to the holding by a person resident in India of a general or life insurance policy issued by an insure .....

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..... including amount of premium does not exceed limit prescribed under the Liberalised Remittance Scheme. (ii) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India without permission of Insurance Regulatory and Development Authority .....

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..... d a life insurance policy issued by an insurer outside India (i) A person resident in India may take or continue to hold a life insurance policy issued by an insurer outside India, provided that, the policy is held, under a specific or general permission of the Reserve Bank of India. (ii) A person resident in India may continue to hold any life insurance policy issued by an insurer outside Ind .....

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