FDI Policy Amended to incorporate 100% FDI in Insurance Intermediaries
The Government of India had increased the foreign direct investment (“FDI”) limit in insurance intermediaries to 100% by notifying the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2019 (“Foreign Investment Amendment Rules”) on September 2, 2019. Further, on October 30, 2019, the Insurance Regulatory and Development Authority of India (“IRDAI”) notified the IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019 (“IRDAI Amendment Regulations”), by way of which the ‘Indian ownership and control’ requirement was removed entirely for insurance intermediaries and certain additional clarifications were provided with respect to insurance intermediaries with majority foreign investors.
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