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

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....r- 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) FDI in the Insurance sector, as prescribed in the Insurance Act, 1938, is al....

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....ion 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', shall be applicable in respect of bank promoted insurance companies. (4) Indian Insurance Company is defined as a company: (a) which is ....

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....ity, 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 Insurance Surveyors and Loss Assessors (Licencing, Professional Requirements and Code of Conduct) Regulations, 2000. 3.0 The above decision will take immediate ef....