Review of Foreign Direct Investment (FDI) policy on Insurance Sector

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....d as under: 5.2.22 Insurance Sector/Activity % of Equity /Cap Entry Route 5.2.22.1 Insurance Company 100% Automatic 5.2.22.1A Life Insurance Corporation of India 20% Automatic 5.2.22.2 Insurance Intermediaries including insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, Surveyors and Loss Assessors, managing general agents, insurance repositories and such other entities, as may be notified by the Insurance Regulatory and Development Authority of India from time to time. 100% Automatic 5.2.22.3 Other Conditions 5.2.22.3.1 Other conditions appl....

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....nt Authority of India, from time to time. (e) Foreign portfolio investment in an Indian Insurance company shall be governed by the provisions contained in Chapter-IV, Rule 10 and 11 read with Schedule Il of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, as amended from time to time and provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, as amended from time to time. (f) Any increase in foreign investment in an Indian Insurance company shall be in accordance with the pricing guidelines specified by Reserve Bank of India under the FEMA Regulations. (g) The foreign equity investment cap of 100 percent shall apply on the same terms as   a....

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....s or the Chief Executive Officer or Principal Officer or Managing Director of the insurance intermediary shall be a resident Indian citizen;   iii. shall bring in the latest technological, managerial and other skills; and iv. shall make disclosures in the formats to be specified by the Authority of all payments made to its group or promoter or subsidiary or interconnected or associate entities; (j) The provisions of Para (i) (b) and (d) of Annexure 8 relating to 'Banking-Private Sector', shall be applicable in respect of bank promoted insurance companies. (k) Terms 'Equity Share Capital', 'Foreign Direct Investment' (FDI), 'Foreign Investors', 'Foreign Portfol....