Definition of Indian insurance company restricts foreign equity and defines control, corporate form and permissible insurance purpose. The Act defines the Controller of Insurance as the Central Government officer exercising the Authority's powers; an Indian insurance company as a share limited public company formed or converted under company law, subject to foreign equity limits and a control concept encompassing director appointment and management or voting control, and whose sole purpose is life, general, re insurance or health insurance business; insurer to include Indian companies, statutory bodies, co operative societies and foreign reinsurers with Indian branches; and life insurance business to include contracts on human life, disability benefits, annuities, superannuation allowances and unit linked products.