Indian government opens the door for 100% FDI for insurance intermediaries
August 31, 2019
In her speech of July 5, 2019 on the Union Budget, India’s Finance Minister first announced that 100% foreign direct investment (“FDI”) would be permitted in Indian insurance intermediaries (such as insurance brokers, web aggregators, third party administrators, insurance surveyors and loss assessors and exclusive corporate agents).
On September 2, 2019, the Government of India gave effect to this announcement by notifying the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2019 (“Amendment Rules”), to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015 (“Foreign Investment Rules”) governing foreign investment in the insurance sector.
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