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of <h1>FEMA master direction: consolidated foreign exchange rules for insurance-LRS limits, RBI/IRDAI permissions, premiums, claims, repatriation</h1> Master direction consolidates foreign exchange rules for insurance under FEMA: residents may hold foreign insurers' health/life policies within LRS limits or with RBI/IRDAI permission; Indian insurers may issue foreign-currency policies subject to source of premium and repatriation rules. Premium payments, claim settlements, reinsurance and overseas operations must follow IRDAI and RBI conditions-claims to nonresidents may be paid in foreign currency under specified documentation, residents generally in INR, and certain all-risk covers in India must be with domestic insurers. Insurers may maintain limited foreign-currency accounts and invest abroad subject to host-country law and IRDAI/FEMA constraints; brokers and commissions follow prescribed approvals and documentation.
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