ANNOUNCEMENT 23 May 2013

In May 2013, the government of India announced changed rules for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising
Inception date: 23 May 2013 | Removal date: open ended
Still in force

FDI: Entry and ownership rule

On 23 May 2013, the Insurance Regulatory and Development Authority (IRDA) India allowed Indian insurance companies to own insurance companies (including branch offices) abroad.
 
Such a company could be where the Indian company has subscribed the paid-up capital and shall include a foreign subsidiary where the Indian company owns more than 50% of the paid-up capital or controls the composition of the Board of Directors. This is subject to several conditions on the type of insurance business, share ownership/control structure of the new company, and the years of existence, net worth and profitability of the Indian insurance company.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A