https://www.taxtmi.com/circulars?id=1963 The memorandum applies foreign exchange regulations to all IRDA registered life insurers and prescribes issuance, premium collection and claims settlement rules: foreign currency policies and rupee policies have defined funding and conversion conditions; claims in foreign currency may be paid proportionate to foreign currency premia and credited to NRE/FCNR or RFC accounts as applicable; rupee policy proceeds paid in non repatriable rupees must be credited to NRO accounts. Reinsurance is board approved with authorised dealers permitted to remit under approved terms. Insurers may maintain foreign currency accounts abroad, repatriate surplus funds, use overseas balances for normal overseas expenses and certain employee benefits, and make specified overseas investments without prior approval. en-us Fri, 17 Jan 2003 00:00:00 +0530 Mon, 06 Oct 2008 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=1963 The memorandum applies foreign exchange regulations to all IRDA registered life insurers and prescribes issuance, premium collection and claims settlement rules: foreign currency policies and rupee policies have defined funding and conversion conditions; claims in foreign currency may be paid proportionate to foreign currency premia and credited to NRE/FCNR or RFC accounts as applicable; rupee policy proceeds paid in non repatriable rupees must be credited to NRO accounts. Reinsurance is board approved with authorised dealers permitted to remit under approved terms. Insurers may maintain foreign currency accounts abroad, repatriate surplus funds, use overseas balances for normal overseas expenses and certain employee benefits, and make specified overseas investments without prior approval. Circulars FEMA Fri, 17 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/circulars?id=1963