www.skpcrossborder.com April 2006
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International insurance companies to get IRDA nod, not RBI

Foreign insurance companies prospecting for business opportunities in India will now need to obtain permission from the insurance regulator IRDA (Insurance Regulatory and Development Authority) before setting up a liaison office. Until now, this permission was granted by the RBI.

The IRDA has said the practice has been revised in consultation with the government, and any company registered outside India will need to get permission from it. This condition will apply to other foreign insurance intermediaries regulated by the IRDA.

The entrant will have to provide the IRDA with details such as its shareholding, organisational chart showing subsidiaries and associated companies, countries in which the entrant and its subsidiaries operate. It will also need to provide information of its regulator, its paid-up capital and its financials for the last three years.

At present, several foreign insurance firms have a liaison office in India, including Aegon Insurance, Samsung Life and Munich Re.
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India plans to create Overseas Investment Promotion Unit

The Overseas Indian Affairs Ministry plans to create an Overseas Indian Investment Promotion Unit as part of a series of initiatives promoting investment by the Indian Diaspora in state level projects.

Aimed at increasing foreign investment in India for greater economic growth, the Ministry suggested that the Unit will be created with CII as knowledge partner and interested states as stake-holder partners.

The Ministry, in partnership with UTI Bank, has launched a Remittance Gateway based on real time gross settlement (RTGS). The scheme is available for remittance between Doha and India and is likely to be extended to other countries by mid-2006.

The Ministry also proposes to implement Assisted Living projects in India so that overseas Indians or their parents could have safe, secure, independent and homely living. The project would benefit senior citizens unable to live independently, but not requiring heavy medical or nursing care.

The Ministry has signed an MoU with Association of American Physicians of Indian Origin (AAPI) for providing health care facility in selected states. Aimed at improving community health, the scheme will be implemented from May this year in Andhra Pradesh and Bihar.
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