Compfie | Draft Rule of the Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021

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Draft Rule of the Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021 – Ministry of Finance

Various substitutions in Rule 2, 3, 4, 5 and 6 made.
In Rule 3, No Indian insurance company shall allow the aggregate holdings by way of Total Foreign Investment in its equity shares by Foreign Investors, including portfolio investors, “forty-nine” percent exceed to “seventy-four” percent of the paid up equity capital of such Indian Insurance Company.
In Rule 5, The Foreign Investment proposals up to “forty-nine” to “Seventy four” per cent of the total paid up equity of the Indian Insurance Company shall be allowed on the automatic route subject to verification by the Insurance Regulatory and Development Authority of India.
15 days of timeline given for suggestions and objections.