Foreign currency insurance issuance allowed without prior central bank approval for specified marine, aviation, and project risks. IRDA registered insurers may issue and receive premiums for general insurance policies in foreign currency without prior Reserve Bank approval in specified cases: marine insurance for foreign owned or chartered vessels (including Indian technical management and vessels mortgaged to foreign financiers), aviation insurance for leased aircraft used in air taxi operations, and marine cum erection all risks policies for projects with foreign collaboration or ECB financing. Authorised Dealers may permit claim remittances in these cases subject to conditions in the referenced AP(DIR Series) circular.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign currency insurance issuance allowed without prior central bank approval for specified marine, aviation, and project risks.
IRDA registered insurers may issue and receive premiums for general insurance policies in foreign currency without prior Reserve Bank approval in specified cases: marine insurance for foreign owned or chartered vessels (including Indian technical management and vessels mortgaged to foreign financiers), aviation insurance for leased aircraft used in air taxi operations, and marine cum erection all risks policies for projects with foreign collaboration or ECB financing. Authorised Dealers may permit claim remittances in these cases subject to conditions in the referenced AP(DIR Series) circular.
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