Establishment of Liaison Offices: foreign insurers with regulator approval may set up liaison offices subject to FEMA conditions. General permission is granted for foreign insurance companies to establish Liaison Offices in India with prior approval from the insurance regulator, subject to FEMA conditions and the annexed terms. Liaison Offices are confined to approved liaison activities, must not undertake commercial activities, earn remuneration, borrow or accept deposits locally, and must meet all expenses from funds received from abroad through normal banking channels. They must obtain prior permission for immovable property transactions beyond short-term leases, maintain restricted signing powers and head office accounts for local expenses only, furnish an annual auditor's certificate of compliance, and remain subject to regulatory scrutiny and Indian laws.
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.
Establishment of Liaison Offices: foreign insurers with regulator approval may set up liaison offices subject to FEMA conditions.
General permission is granted for foreign insurance companies to establish Liaison Offices in India with prior approval from the insurance regulator, subject to FEMA conditions and the annexed terms. Liaison Offices are confined to approved liaison activities, must not undertake commercial activities, earn remuneration, borrow or accept deposits locally, and must meet all expenses from funds received from abroad through normal banking channels. They must obtain prior permission for immovable property transactions beyond short-term leases, maintain restricted signing powers and head office accounts for local expenses only, furnish an annual auditor's certificate of compliance, and remain subject to regulatory scrutiny and Indian laws.
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