Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016 - 366/2016 - Foreign Exchange Management
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Foreign investment cap in insurance retained with automatic route access, subject to IRDAI verification and regulatory conditions. Amendment revises the Schedule to permit foreign investment in specified insurance entities up to a 49% foreign equity cap on the automatic route. Covered entities include Insurance Companies, Brokers, Third Party Administrators, Surveyors and Loss Assessors, and other IRDAI-appointed intermediaries. The investment is subject to IRDAI approval/verification, compliance with the Insurance Act, licence requirements, Indian ownership and control criteria, FEMA and SEBI portfolio investment provisions, RBI pricing guidelines for any increase, and applicability of certain banking-sector provisions to bank-promoted insurance companies.
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 investment cap in insurance retained with automatic route access, subject to IRDAI verification and regulatory conditions.
Amendment revises the Schedule to permit foreign investment in specified insurance entities up to a 49% foreign equity cap on the automatic route. Covered entities include Insurance Companies, Brokers, Third Party Administrators, Surveyors and Loss Assessors, and other IRDAI-appointed intermediaries. The investment is subject to IRDAI approval/verification, compliance with the Insurance Act, licence requirements, Indian ownership and control criteria, FEMA and SEBI portfolio investment provisions, RBI pricing guidelines for any increase, and applicability of certain banking-sector provisions to bank-promoted insurance companies.
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