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ARTICLE · 11 AUGUST 2015

FDI In The Insurance Sector: Industry Still Awaiting Clarity

Tuli & Co
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The Indian insurance regulatory regime has witnessed sweeping changes in the year 2015.

IndiaInsurance
Celia Jenkins
Celia Jenkins
Neeraj Tuli
Neeraj Tuli
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The Indian insurance regulatory regime has witnessed sweeping changes in the year 2015. The Insurance Laws (Amendment) Act 2015 (Amendment Act) introduced some much awaited reforms, including, increasing the foreign investment cap in the insurance sector to 49%, permitting overseas reinsurers (who are not admitted in India) to open branch offices to carry out reinsurance business in India and facilitating the entry of Lloyd's of London under regulations yet to be finalized.

With an aim to implement the increase in the foreign investment cap, the Ministry of Finance, Government of India notified the Indian Insurance Companies (Foreign Investment) Rules 2015 (Rules) and the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry notified Press Note No 3 of 2015 (Press Note) to provide that approval of the Foreign Investment Promotion Board, Ministry of Finance (FIPB) will need to be obtained for any foreign investment beyond 26% and up to the

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