Issue of General Insurance Policies in foreign currency

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....currency In terms of paragraph B.2 of GIM requests for issue of general insurance policies in foreign currency other than those covered by the provisions of GIM require prior approval from the Reserve Bank. Approvals are granted by RBI on merits of the case and insurance companies are permitted to issue policies denominated in foreign currency and to receive premium in foreign currency. On a revi....

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....the purpose of air taxi operations. v. Marine-cum-erection all risks insurance policies to Indian companies in connection with a project to be set up in India with collaboration of foreign companies for supply of the equipment. vi. Marine-cum-erection all risks policies favouring Indian companies for execution of projects in India being financed by External Commercial Borrowings (ECB) or award....