Insurance sector regulator IRDAI has sought public comments on proposed amendments to its existing norms pursuant to the introduction of Insurance Laws (Amendment) Act, 2015.
The regulator in a notice today said that the Insurance Laws (Amendment) Act 2015 has a bearing on registration regulations for insurance companies which has necessitated amendments in existing norms.
The Insurance Laws (Amendment) Act, 2015, provides for enhancement of foreign investment cap in an Indian insurance company from 26 per cent to 49 per cent, among others.
The regulator has proposed amendments such as modification in the manner of computation of Foreign Direct Investment (FDI) in Indian insurance companies, the notice said.
IRDAI has also suggested deletion of redundant definitions, modification of few definitions and introduction of definition of applicant, foreign investors, Indian investors and preliminary expenses.
The regulation also covers registration of health and reinsurance companies.
Also, IRDAI said that company needs to be compliant with the provision of 'Indian owned and Controlled' norms. And existing companies to also comply with "Indian & Owned and controlled" within a maximum period of one year.
The regulator has invited comments by June 8, 2015, the notice said.
