Foreign exchange insurance rules allow IRDAI permitted policies, set premium and claim currency rules, and govern reinsurance and overseas funds. The 2015 Regulations permit IRDAI authorised general/health insurance policies to be placed in foreign exchange without RBI permission and establish currency specific rules for premium payment and claim settlement tied to the payer's and beneficiary's residency and currency of premium. They prescribe documentary and procedural conditions for foreign currency remittances for claims, govern reinsurance arrangements and premium remittances subject to insurer board approvals and IRDAI guidelines, allow insurers to maintain limited foreign currency accounts abroad, and permit insurers' investments abroad and specified utilisation of overseas funds in accordance with host country and IRDAI requirements.
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 insurance rules allow IRDAI permitted policies, set premium and claim currency rules, and govern reinsurance and overseas funds.
The 2015 Regulations permit IRDAI authorised general/health insurance policies to be placed in foreign exchange without RBI permission and establish currency specific rules for premium payment and claim settlement tied to the payer's and beneficiary's residency and currency of premium. They prescribe documentary and procedural conditions for foreign currency remittances for claims, govern reinsurance arrangements and premium remittances subject to insurer board approvals and IRDAI guidelines, allow insurers to maintain limited foreign currency accounts abroad, and permit insurers' investments abroad and specified utilisation of overseas funds in accordance with host country and IRDAI requirements.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
