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Amendment EBCL Dec 2022 CA Mayur Agarwal
Amendment EBCL Dec 2022 CA Mayur Agarwal
EBCL
AMENDMENT
DECEMBER 2022
Conditions applicable to Indian insurance companies and intermediaries or insurance
intermediaries:
1) Maximum Limit
Foreign Direct Investment and Foreign Portfolio Investment = 74%
3) Legal Framework
a) Compliance and provision of Insurance Act,1938
b) License and approval of IRDA
c) Provisions under the Indian Insurance Companies (Foreign Investment) Rules,
2015
4) Pricing Guideliness
Specified by RBI
5) Composition of Board
a) A majority of its directors;
b) A majority of its Key Management Persons; and
c) At least one among the Chairperson of its Board, its Managing Director and its
Chief Executive Officer shall be Resident Indian Citizens
INSURANCE INTERMEDIARY
1) Limit
100 percent
2) Route
Automatic Route
3) Applicability
Insurance brokers, re-insurance brokers, insurance consultants, corporate agents,
third party administrator, Surveyors and Loss Assessors and such other entities, as
may be notified by the Insurance Regulatory and Development Authority of India
4) Legal Framework
a) Subject to verification by the Authority
b) Indian Insurance Companies (Foreign Investment) Rules, 2015
5) The insurance intermediary that has majority shareholding of foreign investors shall
undertake the following
a) Company
Be incorporated as a limited company under the provisions of the Companies
Act,2013
b) Repatriation of Dividend
Shall take prior permission of the Authority for repatriating dividend
c) Upgradation
Shall bring in the latest technological, managerial and other skills
1) Maximum Limit
20%
3) Legal Framework
a) Life Insurance Corporation Act,1956
b) Insurance Act,1938
COMPETITION ACT
2) Amendment Dated-31-3-2022
3) Applicability
Post-combination market shareexceeds 15% in cases of horizontal overlap and 25%
in cases of vertical interface
These cases require detailed examination to assess the likely effect of combination
on competition in India
4) Objective of amendment
5) Guidance Note
The CCI also intends to issue guidance notes for revised Form II in due course