Executive Summary:
This notification announces draft amendments to the Indian Insurance Companies Foreign Investment Rules, 2015. The amendments are proposed by the Central Government, exercising powers under the Insurance Act, 1938. The draft rules are published for public information, with a 15-day period for objections or suggestions, addressed to the Ministry of Finance.
Key Points / Main Content:
* **General Amendments:**
* The rules are called the Indian Insurance Companies Foreign Investment Amendment Rules, 2025.
* The rules come into force from the date of their publication in the Official Gazette.
* References to "Foreign Exchange Management Transfer or Issue of Security by a Person Resident Outside India Regulations, 2000" are replaced with "Foreign Exchange Management Non-Debt Instrument Rules, 2019" (FEMA NDI Rules).
* References to "FEMA Regulations 2000" are replaced with "FEMA NDI Rules."
* **Amendments to Rule 2:**
* In subrule 1, clause f, specific words, brackets, and figures related to regulation 5 and regulation 6 are omitted.
* In clause h, specific words, brackets, and figures related to subregulations 2, 2A, 3, and 8 of regulation 5 are omitted.
* **Amendments to Rule 3:**
* The phrase "to exceed seventy-four percent of the paid-up equity capital of such Indian Insurance Company" is replaced with "to exceed the limit as stipulated by the Insurance Act, 1938."
* **Amendments to Rule 4:**
* Subrule 1, including clause a, clause b, and the Explanation, is omitted.
* Subrule 2 is omitted.
* **Omission of Rule 4A:**
* Rule 4A is omitted.
* **Substitution of Rule 5:**
* Rule 5 is replaced, stating that Foreign Investment proposals of Indian Insurance Companies shall be allowed on the automatic route for the paid-up equity capital as stipulated by the Insurance Act, 1938, subject to verification by the Insurance Regulatory and Development Authority of India.
* **Amendments to Rule 7:**
* Specific words, brackets, and figures related to subregulations 2, 2A, 3, and 8 of regulation 5 are omitted.
* **Amendments to Rule 9:**
* In subrule 3, clause ii, iii, v, and vii are omitted.
Impact Analysis:
Central Government:
Impact: Responsible for considering objections or suggestions received from the public regarding the draft rules.
Action Required: Review and consider any objections or suggestions received within the 15-day period before finalizing the amendments for publication.
Public/Affected Persons:
Impact: Individuals or entities likely to be affected by the changes to foreign investment rules in Indian insurance companies.
Action Required: Submit any objections or suggestions regarding the draft rules to the Secretary, Ministry of Finance, Department of Financial Services, within 15 days of the draft rules being made available to the public.
Indian Insurance Companies:
Impact: Subject to revised regulations regarding foreign investment limits and procedures.
Action Required: Prepare to comply with the new rules regarding foreign investment, particularly concerning equity capital limits as per the Insurance Act, 1938, and be subject to verification by the IRDAI.
Insurance Regulatory and Development Authority of India (IRDAI):
Impact: Responsible for verifying foreign investment proposals of Indian Insurance Companies.
Action Required: Implement procedures for verifying that foreign investment proposals comply with the Insurance Act, 1938.
Key Entities Referenced
Indian Insurance Companies Foreign Investment Rules, 2015: A set of rules governing foreign investment in Indian insurance companies, which are being amended by the current notification.
Insurance Act, 1938: An Indian law related to the insurance sector, which is referenced in the context of powers conferred to the Central Government and stipulations regarding equity capital.
Ministry of Finance: The government ministry responsible for financial matters, including the Department of Financial Services which issued the notification.
Department of Financial Services: A department within the Ministry of Finance responsible for financial services-related matters, which issued the notification containing the draft rules.
New Delhi: The location of the Ministry of Finance, where the notification was issued.
Foreign Exchange Management Non-Debt Instrument Rules, 2019: Referred to as FEMA NDI Rules, these are regulations related to foreign exchange management, which are replacing previous regulations (Foreign Exchange Management Transfer or Issue of Security by a Person Resident Outside India Regulations, 2000) in the context of the Indian Insurance Companies Foreign Investment Rules.
Insurance Regulatory and Development Authority of India: The regulatory body for the insurance sector in India, responsible for verifying foreign investment proposals of Indian Insurance Companies.
Parshant Kumar Goyal: The Joint Secretary of the Ministry of Finance, Department of Financial Services, who is mentioned in the notification.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-29082025-265792
xxxGIDHxxx
CG-DLxx-ExG-I2D9E0x8x2x0 25-265792
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 547] नई दिल्ली, िुक्रिार, अगस्ट्त 29, 2025/भाद्र 7, 1947
No. 547] NEW DELHI, FRIDAY, AUGUST 29, 2025/BHADRA 7, 1947
जित्त मत्रं ालय
(जित्तीय सिे ाए ं जिभाग)
अजधसचू ना
नई दिल्ली, 29 अगस्ट् त, 2025
सा.का.जन. 591(अ).— भारतीय बीमा कंपनी (जििेिी जनििे ) जनयम, 2015 म ें संिोधन करने के जलए प्रारूप
जनयम, जिसे केंद्रीय सरकार बीमा अजधजनयम, 1938 की धारा 2 के खंड (7क) के उपखडं (ख) के साथ पठित धारा 114 की
उप-धारा (2) के खडं (ककक) द्वारा प्रित्त िजियों का प्रयोग करते हुए बनान ेका प्रस्ट्ताि करती है, एतद्द्वारा ऐसे सभी व्यजियों
की िानकारी जिनके इससे प्रभाजित होने की संभािना है, के जलए प्रकाजित दकए िात े हैं, और एतद्द्वारा सूचना िी िाती ह ै
दक उि प्रारूप जनयम को उस तारीख से पंद्रह दिनों की अिजध की समाजि के पश्चात भारत के रािपत्र में प्रकािन के जलए
जलया िाएगा, जिस तारीख को प्रारूप जनयमों की प्रजतया ंिनता को उपलब्ध कराई िाती ह।ैं
उन व्यजियों, जिनके प्रभाजित होने की संभािना ह,ै से आपजत्तयां या सुझाि, यदि कोई हों, सजचि, जित्त मंत्रालय,
जित्तीय सेिाएं जिभाग, िीिन िीप भिन, तृतीय तल, संसि मागग, नई दिल्ली 110001 को भेिे िा सकते ह।ैं
प्रारूप जनयमों के संबंध म ें उपयुगि अिजध के भीतर प्रभाजित होने िाले संभाजित व्यजियों से प्राि होने िाली
आपजत्तयों या सुझािों पर केंद्र सरकार द्वारा जिचार दकया िाएगा।
5795 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
प्रारूप जनयम
1. सजं िि नाम और प्रारंभ:
(1) इन जनयमों को भारतीय बीमा कंपनी (जििेिी जनिेि) संिोधन जनयम, 2025 कहा िाएगा।
(2) य ेआजधकाठरक रािपत्र म ेंउनके प्रकािन की तारीख स ेलागू होंगे।
2. भारतीय बीमा कंपनी (जििेिी जनिेि) जनयम, 2015 (इसके बाि मूल जनयम के रूप में संिर्भगत) में, जििेिी जिजनमय
प्रबंध (भारत स े बाहर के जनिासी व्यजि द्वारा प्रजतभूजत का अंतरण या जनगगम) जिजनयमािली, 2000 के सभी संिभों को
जििेिी जिजनमय प्रबंध (गरै -ऋण जलखत) जनयम, 2019 (इसके बाि फेमा (एनडीआई) जनयम के रूप म ें संिर्भगत) के साथ
प्रजतस्ट्थाजपत दकया िाएगा, और फेमा जिजनयम 2000 के सभी संिभों को फेमा (एनडीआई) जनयमों से प्रजतस्ट्थाजपत दकया
िाएगा।
3. मूल जनयम म,ें जनयम 2 के उप-जनयम (1) म,ें
(क) खंड (च) म,ें िब्ि, कोष्ठक और आंकड े " जिजनयमन 5 के उप जिजनयमन (1) के खडं (i)" और िब्ि और अिर
"जिजनयमन 6" का लोप दकया िाएगा।
(ख) खंड (ि) में, िब्ि, कोष्ठक और आंकडे "जिजनयम 5 के उप-जिजनयमन (2), (2क), (3) और (8)" का लोप दकया
िाएगा।
4. मूल जनयम म,ें जनयम 3 म,ें िब्ि "ऐसी भारतीय बीमा कंपनी की प्रित्त इदिटी पूंिी के चौहत्तर प्रजतित से अजधक
करने के जलए" िब्िों को "बीमा अजधजनयम, 1938 द्वारा यथा जनधागठरत सीमा स े अजधक करन े के जलए" िब्िों के साथ
प्रजतस्ट्थाजपत दकया िाएगा।
5. मूल जनयम म,ें जनयम 4 के उप-जनयम (1),
(क) खडं (क) का लोप दकया िाएगा।
(ख) खडं (ख) का लोप दकया िाएगा।
(ग) व्याख्या का लोप दकया िाएगा।
6. मूल जनयम म,ें जनयम 4 के उपजनयम (2) का लोप दकया िाएगा।
7. मूल जनयम म,ें जनयम 4क का लोप दकया िाएगा।
8. मूल जनयम म,ें जनयम 5 को जनम्नजलजखत के साथ प्रजतस्ट्थाजपत दकया िाएगा, अथागत: —
“5. भारतीय बीमा कंपनी के जििेिी जनिेि प्रस्ट्तािों को बीमा अजधजनयम, 1938 द्वारा यथा जनधागठरत प्रित्त इदिटी
पूंिी के जलए भारतीय बीमा विवियामक और विकास प्राविकरण द्वारा सत्यापि के अध्यिीि स्ट्िचाजलत माग ग पर
अनुमजत िी िाएगी।”।
9. मूल जनयम में, जनयम 7 म,ें िब्िों, कोष्ठकों और अंकों "के जिजनयम 5 के उप-जिजनयमन (2), (2क), (3) और (8)"
का लोप दकया िाएगा।[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3
10. मूल जनयम म,ें जनयम 9 के उप-जनयम (3) म,ें खडं (ii), (iii), (v) और (vii) का लोप दकया िाएगा।
[फा. सं. 13011/19/2013-बीमा-II]
प्रिांत कुमार गोयल, संयुक् त सजचि
ठटप्पणी: मलू जनयम को भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i) में अजधसूचना संख्या सा.का.जन.115(अ),
दिनांक 19 फरिरी, 2015 द्वारा प्रकाजित दकए गए थ े और बाि में इस े अजधसूचना संख्या सा.का.जन.534(अ),
दिनांक 3 िलु ाई, 2015, सा.का.जन.314 (अ), दिनांक 16 माचग, 2016, सा.का.जन.619(अ)
दिनांक 2 जसतंबर, 2019 और सा.का.जन. 337(अ), दिनांक 19 मई, 2021 द्वारा संिोजधत दकया गया था।
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 29th August, 2025
G.S.R. 591(E).— Draft rules to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015,
which the Central Government proposes to make in exercise of the powers conferred by clause (aaa) of sub-section (2)
of section 114 of the Insurance Act, 1938, read with sub-clause (b) of clause (7A) of section 2 of the said Act, are hereby
published for information of all persons likely to be affected thereby, and notice is hereby given that the said draft rules
will be taken for publication in the Gazette of India after the expiry of a period of fifteen days from the date on which
the copies of the draft rules are made available to the public.
Objections or suggestions, if any, from persons likely to be affected may be addressed to the Secretary, Ministry
of Finance, Department of Financial Services, Jeevan Deep Building, 3rd floor, Sansad Marg, New Delhi 110001.
Objections or suggestions that may be received from persons likely to be affected with respect to the draft rules
within the aforesaid period shall be considered by the Central Government.
DRAFT RULES
1. Short title and commencement:
(1) These rules may be called the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025.
(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 (hereinafter referred to as the principal rules),
all references to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India)
Regulations, 2000 shall be substituted with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019
(hereinafter referred to as the FEMA (NDI) Rules), and all references to FEMA Regulations 2000 shall be substituted
with FEMA (NDI) Rules.
3. In the principal rules, in sub-rule (1) of rule 2,
(a) in clause (f), the words, brackets and figures “clause (i) of sub regulation (1) of regulation 5 of” and the
word and letter “Regulation 6 of” shall be omitted.
(b) In clause (h), the words, brackets and figures “sub-regulations (2), (2A), (3) and (8) of regulation 5 of”
shall be omitted.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
4. In the principal rules, in rule 3, the words “to exceed seventy-four percent of the paid- up equity capital of such Indian
Insurance Company” shall be substituted with the words “to exceed the limit as stipulated by the Insurance Act,1938”.
5. In the principal rules, sub-rule (1) of rule 4,
(a) clause (a) shall be omitted.
(b) clause (b) shall be omitted.
(c) Explanation shall be omitted.
6. In the principal rules, sub-rule (2) of rule 4 shall be omitted.
7. In the principal rules, rule 4A shall be omitted.
8. In the principal rules, rule 5 shall be substituted with the following, namely:—
“5. The Foreign Investment proposals of the Indian Insurance Company shall be allowed on the automatic route
for the paid–up equity capital as stipulated by the Insurance Act, 1938 subject to verification by the Insurance
Regulatory and Development Authority of India.”.
9. In the principal rules, in rule 7, the words, brackets and figures “sub-regulations (2), (2A), (3) and (8) of regulation 5
of” shall be omitted.
10. In the principal rules, in sub-rule (3) of rule 9, clause (ii), (iii), (v) and (vii) shall be omitted.
[F. No. 13011/19/2013-Ins.II]
PARSHANT KUMAR GOYAL, Jt. Secy.
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide
notification number G.S.R. 115 (E), dated the 19th February, 2015 and were subsequently amended by
notification numbers G.S.R. 534(E), dated the 3rd July, 2015, G.S.R. 314(E), dated the 16th March, 2016,
G.S.R. 619(E), dated the 2nd September, 2019 and G.S.R. 337(E), dated the 19th May, 2021.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.