https://www.taxtmi.com/caselaws?id=458380 Indian insurance legislation does not extend to a foreign insurance transaction merely because premium is collected and policy documents are issued in India, where the insured risk is intended to arise and operate only outside India. The Insurance Act, 1938 was read territorially, and its definition provisions, restrictions in Sections 2C and 3, and Section 46 did not support extra-territorial application to foreign policies. The local collection of premium and issuance of certificates were treated as incidental acts, not as carrying on insurance business in India for IRDA registration or licensing purposes. en-us Fri, 11 May 2012 00:00:00 +0530 Thu, 24 Oct 2024 16:31:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458380 Indian insurance legislation does not extend to a foreign insurance transaction merely because premium is collected and policy documents are issued in India, where the insured risk is intended to arise and operate only outside India. The Insurance Act, 1938 was read territorially, and its definition provisions, restrictions in Sections 2C and 3, and Section 46 did not support extra-territorial application to foreign policies. The local collection of premium and issuance of certificates were treated as incidental acts, not as carrying on insurance business in India for IRDA registration or licensing purposes. Case-Laws FEMA Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458380