Foreign exchange rules for life insurance allow foreign currency claims to be credited to RFC and NRE/FCNR accounts under prescribed conditions. The memorandum applies foreign exchange regulations to all IRDA registered life insurers and prescribes issuance, premium collection and claims settlement rules: foreign currency policies and rupee policies have defined funding and conversion conditions; claims in foreign currency may be paid proportionate to foreign currency premia and credited to NRE/FCNR or RFC accounts as applicable; rupee policy proceeds paid in non repatriable rupees must be credited to NRO accounts. Reinsurance is board approved with authorised dealers permitted to remit under approved terms. Insurers may maintain foreign currency accounts abroad, repatriate surplus funds, use overseas balances for normal overseas expenses and certain employee benefits, and make specified overseas investments without prior approval.
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 exchange rules for life insurance allow foreign currency claims to be credited to RFC and NRE/FCNR accounts under prescribed conditions.
The memorandum applies foreign exchange regulations to all IRDA registered life insurers and prescribes issuance, premium collection and claims settlement rules: foreign currency policies and rupee policies have defined funding and conversion conditions; claims in foreign currency may be paid proportionate to foreign currency premia and credited to NRE/FCNR or RFC accounts as applicable; rupee policy proceeds paid in non repatriable rupees must be credited to NRO accounts. Reinsurance is board approved with authorised dealers permitted to remit under approved terms. Insurers may maintain foreign currency accounts abroad, repatriate surplus funds, use overseas balances for normal overseas expenses and certain employee benefits, and make specified overseas investments without prior approval.
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