Key highlights of the amendments are as follows:
100% FDI under automatic route is allowed to intermediaries or insurance intermediaries, insurance brokers, reinsurance brokers, insurance consultants, corporate agents, TPA, surveyors and loss assessors and other entities as notified by IRDAI.
Foreign investment up to 49% of the total paid-up equity of the Indian Insurance Company shall be allowed on the automatic route subject to verification by the IRDAI and other conditions as specified in the amended rules.
Effective date: April 27, 2020
Source: Foreign Exchange Management (Non-Debt Instrument) (Second Amendment) Rules, 2020
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