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<h1>RBI Issues Foreign Exchange Management (Insurance) Regulations, 2000 for Overseas Insurance Policies by Indian Residents under Section 47(2)</h1> The Reserve Bank of India, under the Foreign Exchange Management Act, 1999, issued the Foreign Exchange Management (Insurance) Regulations, 2000. This regulation pertains to the holding of general or life insurance policies by individuals residing in India, when such policies are issued by insurers located outside India. The notification was published in the Official Gazette on May 5, 2000, under G.S.R.No. 395(E). These regulations are enacted under the authority granted by Section 47(2) of the Act, aiming to manage foreign exchange related to insurance policies held abroad by Indian residents.