Cross-border insurance holdings allowed with prior permission; repatriation of proceeds required through banking channels within specified period. Residents may take or continue to hold foreign-issued general insurance only with Central Government permission and foreign-issued life insurance only with Reserve Bank permission; continuation is allowed where policies were acquired while non-resident. If premiums were remitted from India, maturity proceeds or claim amounts must be repatriated to India through normal banking channels within seven days of receipt.
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 allowed with prior permission; repatriation of proceeds required through banking channels within specified period.
Residents may take or continue to hold foreign-issued general insurance only with Central Government permission and foreign-issued life insurance only with Reserve Bank permission; continuation is allowed where policies were acquired while non-resident. If premiums were remitted from India, maturity proceeds or claim amounts must be repatriated to India through normal banking channels within seven days of receipt.
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