https://www.taxtmi.com/news?id=3837 The Bill retains a higher foreign equity cap to meet capital needs, permits foreign reinsurer branches subject to restrictions on investing policyholder funds abroad, and expands the definition of "Foreign Company" to include entities like Lloyd's. It lowers capital entry thresholds for health insurers and clarifies health insurance coverage for sickness during travel. IRDA gains powers to withhold registration where foreign JV partners are debarred, to set agent qualifications while insurers appoint agents, and to act against agents; licensing of surveyors moves to regulation. Policy repudiation is time limited to three years; public sector insurers may raise market capital if government retains majority; appeals from IRDA orders are to the Securities Appellate Tribunal. en-us Fri, 05 Oct 2012 11:46:53 +0530 Fri, 05 Oct 2012 11:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=3837 The Bill retains a higher foreign equity cap to meet capital needs, permits foreign reinsurer branches subject to restrictions on investing policyholder funds abroad, and expands the definition of "Foreign Company" to include entities like Lloyd's. It lowers capital entry thresholds for health insurers and clarifies health insurance coverage for sickness during travel. IRDA gains powers to withhold registration where foreign JV partners are debarred, to set agent qualifications while insurers appoint agents, and to act against agents; licensing of surveyors moves to regulation. Policy repudiation is time limited to three years; public sector insurers may raise market capital if government retains majority; appeals from IRDA orders are to the Securities Appellate Tribunal. News - Fri, 05 Oct 2012 11:46:53 +0530 https://www.taxtmi.com/news?id=3837