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ARTICLE · 15 JULY 2020

FDI In Insurance Intermediaries – An Update - July 14, 2020

Tuli & Co
Tuli & Co
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Tuli & Co

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Relaxation of foreign investment limits for insurance intermediaries was a subject of much debate over a period of time with many industry participants eagerly awaiting relaxation of FDI limits...

IndiaInsurance
Shubhangi Pathak
Shubhangi Pathak
Priya Misra
Priya Misra
Nimisha Srivastava
Nimisha Srivastava
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Introduction

Relaxation of foreign investment limits for insurance intermediaries was a subject of much debate over a period of time with many industry participants eagerly awaiting relaxation of FDI limits and withdrawal of norms on Indian ownership and control. Various stakeholders, including industry participants advocated in favour of increase of foreign investment permitted in the insurance sector as many believed that this would help in bringing in more technical expertise and funding in the insurance intermediary space. On 2 September 2019, the IRDAI notified the Indian Insurance Companies (Foreign Investment) Amendment Rules 2019 (Amendment Rules) effectively allowing 100% FDI in insurance intermediaries1. Pursuant to the Amendment Rules, the IRDAI notified the IRDAI (Insurance Intermediaries) (Amendment) Regulations 2019, which introduced amendments in the regulations governing insurance intermediaries in line with the Amendment Rules2. The IRDAI also issued

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