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of <h1>RBI Updates Foreign Exchange Rules: Insurers Can Settle Claims in Foreign Currency Under New Guidelines.</h1> The Reserve Bank of India issued a circular to authorized dealers in foreign exchange concerning the Foreign Exchange Management (Insurance) Regulations, 2000. The circular highlights major procedural changes in the General Insurance in India Memorandum, applicable to both public sector and IRDA-registered general insurance companies. Key updates include reinsurance arrangements, remittance of reinsurance premia by local brokers, and permissions for foreign currency accounts abroad. Insurers can now settle claims in foreign currency without Reserve Bank reference, provided conditions in the Memorandum are met. The document is structured into parts covering marine insurance, non-marine insurance, reinsurance, and foreign currency accounts and investments abroad.
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