Date: 2015-07-03Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by clause (aaa) of sub-section (2) of section 114 of the Insurance Act, 1938 read with clause (b) of sub-section (7A) of section 2 of the Insurance Act, 1938 and section 24 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).
**Policy Summary:**
This notification, G.S.R. 534(E), issued by the Ministry of Finance, Department of Financial Services, Government of India, and dated July 3, 2015, introduces the Indian Insurance Companies Foreign Investment Amendment Rules, 2015. These rules amend the Indian Insurance Companies Foreign Investment Rules, 2015. Specifically, they insert a proviso in clause (l) of rule 2, clarifying that the computation of foreign holding of an Indian promoter or Indian Investor Company will be in accordance with clause (p) of rule 2. This amendment is enacted under the authority granted by clause (aaa) of subsection (2) of section 114 and clause (b) of subsection (7A) of section 2 of the Insurance Act, 1938, and section 24 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999). The rules take effect from the date of their publication in the Official Gazette. The notification was issued under F. No. 12018/12/2006-Ins. IV and signed by Jt. Secy. Anup Wadhawan. The principal rules were initially published under notification number G.S.R. 115(E), dated February 19, 2015.
Key Entities Referenced
Insurance Act, 1938: A legal act related to insurance.
Insurance Regulatory and Development Authority Act, 1999: A legal act establishing the Insurance Regulatory and Development Authority.
Central Government: The government of India, making rules in this notification.
Indian Insurance Companies Foreign Investment Rules, 2015: Rules pertaining to foreign investment in Indian insurance companies.
Indian Insurance Companies Foreign Investment Amendment Rules, 2015: Amendment rules to the Indian Insurance Companies Foreign Investment Rules, 2015.
Ministry of Finance: The Indian government ministry responsible for financial matters, under which the Department of Financial Services operates.
Department of Financial Services: A department within the Ministry of Finance.
New Delhi: The location of notification, New Delhi, Delhi
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2943 GI/2015 (1)2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 3rd July, 2015
G.S.R. 534(E).—In exercise of the powers conferred by clause (aaa) of sub-section (2) of section 114 of the
Insurance Act, 1938 read with clause (b) of sub-section (7A) of section 2 of the Insurance Act, 1938 and section 24 of the
Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Central Government hereby makes the
following rules further to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015, namely:-
1. (1) These rules may be called Indian Insurance Companies (Foreign Investment) Amendment Rules, 2015.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Indian Insurance Companies (Foreign Investment) Rules, 2015, in clause (l) of rule 2, the following proviso
shall be inserted, namely:
“Provided that the manner of computation of foreign holding of such Indian promoter or Indian Investor
Company shall be in accordance with clause (p) of rule 2.”
[F. No. 12018/1/2006-Ins. IV]
ANUP WADHAWAN, Jt. Secy.
Note:-The principal rules were published in the Gazette of India, Extraordinary, vide notification number G.S.R. 115(E),
dated the 19th February, 2015.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.