ARTICLE · 27 OCTOBER 2015

Insurance Regulatory And Development Authority Issues Guidelines On Indian Owned And Controlled

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Earlier this year, the Insurance Laws (Amendment) Act,2015 ("Insurance Amendment Act") amended the Insurance Act...

IndiaGovernment, Public Sector

Agram Legal Consultants

Earlier this year, the Insurance Laws (Amendment) Act,2015 ("Insurance Amendment Act") amended the Insurance Act, 1938 to enhance the foreign investment cap in insurance companies to 49% (forty-nine percent) and explained control of Indian insurance companies. Further, the Indian Insurance Companies (Foreign Investment) Rules, 2015 and amendment thereto ("Foreign Rules") clarified Indian ownership of insurance companies. The Insurance Regulatory and Development Authority ("IRDA") has, on October 19, 2015 issued, a circular ("Circular") setting out guidelines for "Indian owned and controlled" and on compliance of "Indian owned and controlled" insurance companies.

Salient features of the Circular are as follows:

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