Indian Insurance Companies (Foreign Investment) Amendment Rules, 2019

Sep 10, 2019 | by Avantis RegTech Legal Research Team


The Ministry of Finance on September 02, 2019, has published the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2019 to further amend the Indian Insurance Companies (Foreign Investment) Rules, 2015.

The following amendments in the Indian Insurance Companies (Foreign Investment) Rules, 2015, namely:

Ø  Under Rule 2 which specifies the Definitions, after clause (l), the following clause shall be inserted, namely:

Clause la: intermediary or insurance intermediary shall have the meaning assigned to it in clause (f) of sub-section (1) of section 2 of the Insurance Regulatory and Development Authority Act, 1999;”

Ø  Rule 9 which talks about the investment cap to foreign equity investment for intermediaries or insurance intermediaries, has been substituted.

Ø  Under Rule 10 which talks about other aspects which are not the subject matter of these rules and that will be regulated as per the regulation framed by the Authority, after the words “Indian Insurance Company,”, the words ‘intermediary and insurance intermediary’ shall be inserted.

They will come into force on the date of their publication in the Official Gazette that is September 02, 2019.

[Notification No. G.S.R. 619(E)]


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