ANNOUNCEMENT 23 May 2013In May 2013, the government of India announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Gudelines for the new regulation
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.