Foreign investment cap in insurance allowed under automatic route, subject to IRDA licence and sectoral regulatory conditions. Foreign investment in the insurance sector is permitted under the automatic route subject to obtaining the requisite IRDA licence; bank-promoted insurers are subject to applicable private banking conditions; an Indian insurance company is defined by corporate form, limits on aggregate foreign equity holdings and the sole objects of life, general or re-insurance business. The amendment also lists permitted sector participants-insurance companies, brokers, third party administrators, and surveyors and loss assessors-and subjects them to the respective IRDA licensing and regulatory regimes.