Notification No. FEMA. 12(R)/2015-RB — THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999

Notification No. FEMA. 12(R)/2015-RB Foreign Exchange Management (Insurance) Regulations, 2015 In exercise of the powers conferred by sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999, (42 of 1999), and in super cession of its Notification No.FEMA.12/2000-RB, dated May 3, 2000, as amended from time to time, the Reserve Bank of India makes the following Regulations with respect to the holding by a person resident in India of a general or life insurance policy issued by an insurer outside India, namely: 1. Short Title and Commencement: (i) These Regulations may be called the Foreign Exchange Management (Insurance) Regulations, 2015. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Definitions: In these Regulations, unless the context otherwise requires,- (i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) The words and expressions used but not defined in these Regulations shall have the same meaning respectively assigned to them in the Act. 3. Permission to take or hold a general insurance policy issued by an insurer outside India (i) A person resident in India may take or continue to hold a health insurance policy issued by an insurer outside India provided aggregate remittance including amount of premium does not exceed limit prescribed under the Liberalised Remittance Scheme. (ii) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India without permission of Insurance Regulatory and Development Authority of India (IRDA). (iii) A person resident in India may take or continue to hold a general insurance policy other