Policy on foreign investment in the Insurance Sector- amendment of paragraph 6.2.17.7 of' Circular 1 of 2013-Consolidated FDI Policy'

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ubject: Policy on foreign investment in the Insurance Sector- amendment of paragraph 6.2.17.7 of' Circular 1 of 2013-Consolidated FDI Policy' 1.0  Present Position: 1.1  As per paragraph 6.2.17.7 of the 'Consolidated FD1 Policy, effective from 5 April, 2013',FDI, up to 26%, under the automatic route, is permitted in the insurance sector subject to the following conditions: (1) F....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ector, as prescribed in the Insurance Act, 1938, is allowed under the automatic route. (2) This will be subject to the condition that Companies bringing in FDI shall obtain necessary license from the Insurance Regulatory & Development Authority for undertaking insurance activities. (3) The provisions of paragraphs 6.2.17.2.2(4)(i) (c) & (e), relating to `Banking - Private   Sector', s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... (6) As per IRDA (TPA - Health Services) Regulations, 2001, "TPA" means a Third Party Administrator who, for the time being, is licensed by the Authority, and is engaged, for a fee or remuneration, by whatever name called as may be specified in the agreement with an insurance company, for the provision of health services. (7) Surveyors and Loss Assessors will be governed by the IRDA Insuran....