The (Indian) Insurance Act, 1938 (as amended by the Insurance Laws (Amendment) Act, 2015) ("Amendment Act") allows the capital of an Indian insurance company to consist of equity shares and such other forms of capital as may be prescribed by regulations.
Read MorePursuant to the promulgation of the Insurance Laws (Amendment) Ordinance, 2014 ("Ordinance"), the Ministry of Finance, Government of India has, by way of a notification dated 19 February, 2015 notified the Indian Insurance Companies (Foreign Investment) Rules, 2015 ("Foreign Investment Rules") to implement the decision of increase in the foreign investment limit in the insurance sector to 49%.
Read MoreThe Insurance Laws (Amendment) Act, 2015, an Act to amend, inter alia, the (Indian) Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 has been notified and published in the official gazette. Accordingly, the amendments are in force.
Read MoreDepartment of Industrial Policy and Promotion ("DIPP"), by way of a Press Note ("Press Note"), listed the reforms to the existing Consolidated Foreign Direct Investment Policy, 2015 ("FDI Policy"). As per the information released by the DIPP, the World Bank has improved India's ranking by 12 places in the "2016 Study of Ease of Doing Business" and several global institutions have projected India as the leading destination for Foreign Direct Investment ("FDI") in the world.
Read MoreThe (Indian) Ministry of Corporate Affairs recently issued a notification dated 5 June, 2015 providing that various provisions of the Companies Act, 2013 ("Companies Act") will not apply or will apply with exceptions, modifications and adaptions to a body to which a licence is granted under the provisions of section 8 of the Companies Act i.e. companies with charitable objects, etc ("Non-Profit Companies").
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