Cross-border insurance holdings: residents may hold foreign life and general policies subject to remittance limits and permissions. Residents may hold foreign health insurance if aggregate remittance including premiums does not exceed the Liberalised Remittance Scheme. Insurance for property in India or Indian-registered vessels with foreign insurers requires IRDA permission. Other foreign general policies require Central Government permission; policies acquired while non-resident may be continued. For life policies, holding requires specific or general permission of the Reserve Bank of India, with continuation allowed for policies acquired while non-resident. Premiums remitted from India trigger a requirement to repatriate maturity proceeds or claim amounts to India through banking channels within seven days.
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.
Cross-border insurance holdings: residents may hold foreign life and general policies subject to remittance limits and permissions.
Residents may hold foreign health insurance if aggregate remittance including premiums does not exceed the Liberalised Remittance Scheme. Insurance for property in India or Indian-registered vessels with foreign insurers requires IRDA permission. Other foreign general policies require Central Government permission; policies acquired while non-resident may be continued. For life policies, holding requires specific or general permission of the Reserve Bank of India, with continuation allowed for policies acquired while non-resident. Premiums remitted from India trigger a requirement to repatriate maturity proceeds or claim amounts to India through banking channels within seven days.
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