Settlement of insurance claims in foreign currency

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.... Settlement of insurance claims in foreign currency In terms of paragraph B.3 of GIM requests for issue of general insurance policies in foreign currency other than those covered by the provisions of GIM are required to be referred to RBI. Approvals are granted by RBI on merits of the case and insurance companies are permitted to issue policies denominated in foreign currency and receive prem....

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....e equivalent of foreign currency due. Under no circumstances payment in foreign currency be made to a resident beneficiary; and vii. while reporting the transaction in R-Returns RBI approval for issue of policy may be quoted. 2. Authorised Dealers may accordingly allow remittances towards settlement of claims subject to compliance of the conditions stipulated in paragraph 1 above by the Indi....