Review of FDI Policy on Insurance Sector - Amendment Consolidated FDI Policy Circular 2014

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....e 6.2.17.7.1 (i) Insurance Company (ii) Insurance Brokers (iii) Third party Administrators (iv) Surveyors and Loss Assessors 26% (FDI+FII/FPI+NRI) Automatic 6.2.17.7.2 Other conditions   (1)   FDI in the Insurance sector, 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', shall be applicable in respect of bank promoted insurance ....

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..... Accordingly, Paragraph 6.2.17.7 of 'Consolidated FDI Policy Circular of 2014', effective from 17.4.2014, is amended to read as below: S. No. Sector/ Activity % of FDI Cap/ Equity Entry route 6.2.17.7 Insurance 6.2.17.7.1 (i)   Insurance Company (ii)   Insurance Brokers (iii)   Third Party Administrators (iv)   Surveyors and Loss Assessors (v)   Other Insurance Intermediaries appointed under the provisions of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) 49% {(FDI+FPI(FII,QFI)+NRI+FVCI+DR} Automatic up to 26% Government route beyond 26% and up to 49% 6.2.17.7.2 Other conditions   (a)  ....

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.... the FEMA. (g)   The foreign equity investment cap of 49 per cent shall apply on the same terms as above to Insurance Brokers, Third Party Administrators, Surveyors and Loss Assessors and Other Insurance Intermediaries appointed under the provisions of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999): (h)   Provided that where an entity like a bank, whose primary business is outside the insurance area, is allowed by the Insurance Regulatory and Development Authority of India to function as an insurance intermediary, the foreign equity investment caps applicable in that sector shall continue to apply, subject to the condition that the revenues of such entities from their primary (i.e. non-....