FDI In Insurance Intermediaries – An Update

Introduction

We noted last month that the IRDAI notified the Indian Insurance Companies (Foreign Investment) Amendment Rules 2019 (Amendment Rules), effectively increasing the limit on FDI in insurance intermediaries to 100%¹.

Pursuant to the Amendment Rules 2019, the IRDAI has now notified:

(i) The IRDAI (Insurance Intermediaries) (Amendment) Regulations 2019 (Amendment Regulations); and

(ii) Circular on "Withdrawal of Indian owned and controlled condition for insurance intermediaries" of 19 November 2019 (IOC Circular).

Amendment Regulations – Key Highlights

The Amendment Regulations amend the following regulations governing insurance intermediaries:

a) IRDAI (Insurance Brokers) Regulations 2018;