Indian Insurance Company definition: requires Indian ownership, a public company form, foreign equity cap and insurance-only purpose. 'Indian Insurance Company' means a company limited by shares whose sole purpose is to carry on life, general, re insurance or health insurance business, formed and registered as a public company under the Companies Act, 2013 (or converted within the specified transitional period), with foreign equity subject to a prescribed cap so that it remains Indian owned and controlled; control includes the right to appoint a majority of directors or to control management or policy decisions by shareholding, management rights or agreements.