Foreign Exchange Regulations for Insurance
The Reserve Bank of India has issued a Master Direction outlining foreign exchange regulations for general, health, and life insurance policies.
Insurance Policies from Insurers outside India:
The direction covers regulations for Indian residents purchasing general/health insurance policies from insurers outside India, including all-risk insurance policies.
Insurance Policies from Insurers in India:
The direction outlines regulations for Indian residents and non-residents purchasing general/health insurance policies from Indian insurers, including:
- Payment of insurance premiums in foreign exchange
- Transactions in Nepal and Bhutan
- Settlement of claims in foreign currency
- Re-insurance and remittance of reinsurance premiums by IRDAI licensed brokers
- Foreign currency accounts abroad and investments abroad
Life Insurance Policies from Insurers in India:
The direction also covers regulations for life insurance policies purchased from Indian insurers, including definitions and other related aspects.
Chat with the Master Direction:
Download: Master Direction – Insurance (Updated as on December 07, 2021)