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of <h1>FEMA Act 1999: Rules for Foreign Health and Life Insurance Policies in India Require IRDA and RBI Approvals.</h1> The issuance of insurance in India is governed by the FEMA Act, 1999, and related regulations. Insurance companies must be registered with the Insurance Regulatory and Development Authority (IRDA). Residents in India can hold health or general insurance policies from foreign insurers under specific conditions, such as adhering to remittance limits and obtaining necessary permissions. Policies on Indian properties or vessels require IRDA approval. Premiums must be paid from India, and any claims or maturity proceeds must be repatriated to India within seven days. Life insurance policies from foreign insurers are allowed with Reserve Bank of India's permission.
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