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ARTICLE · 21 NOVEMBER 2019

IRDAI Notifies Requirements For Foreign Owned Insurance Intermediaries

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On 1 November 2019, the Insurance Regulatory and Development Authority of India (IRDAI) notified the IRDAI (Insurance Intermediaries) (Amendment) Regulations 2019 (Intermediaries Regulations).

IndiaInsurance
Anuj Shah
Anuj Shah
Harsh Khemka
Harsh Khemka
Rahul Chandramouli
Rahul Chandramouli
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On 1 November 2019, the Insurance Regulatory and Development Authority of India (IRDAI) notified the IRDAI (Insurance Intermediaries) (Amendment) Regulations 2019 (Intermediaries Regulations).

Background

The Finance Minister, Nirmala Sitharaman in her budget speech to the Parliament of India on 5 July 2019 announced the Government's intention to permit 100% FDI in insurance intermediaries, from the current cap of 49%. On 2 September 2019, the Ministry of Finance notified the Indian Insurance Companies (Foreign Investment) Amendment Rules 2019 (Insurance FI Rules) which sets out certain conditions for foreign owned insurance intermediaries. These include (a) taking prior permission of the IRDAI for repatriation of dividends by the foreign shareholder; (b) not making payments to related entities of the insurance intermediary beyond what is permitted by the IRDAI; (c) disclosure of all payments made to related entities in the specified format; (d) bringing in latest

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