Indian insurance company definition

Indian insurance company means any insurer being a company—
Indian insurance company means any insurer, being a company which is limited by shares, and –
Indian insurance company means any insurer, being a company which is limited by shares, and, ( a) Which is formed and registered under the companies Act, 2013 as a public company or is converted into such a company within one year of the commencement of Insurance Laws (Amendment) Act, 2015; (b) In which the aggregate holdings of equity shares by foreign investors, including portfolio investors, do not exceed forty nine per cent of the paid up equity capital of such Indian insurance company, which is Indian owned and controlled, in such manner as may be prescribed. Explanation – For the purpose of this sub clause, the expression “control” shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreement or voting agreements; (c) Whose sole purpose is to carry on life insurance business or general insurance business or reinsurance business or health insurance business. In exercise of the powers conferred by clause (aaa) of subsection (2) of section 114 of the Insurance Act, 1938 read with clause (b) of subsection (7A) of section 2 of the Insurance Act, 1938 and section 24 of the Insurance Regulatory and Development

Examples of Indian insurance company in a sentence

  • No, only a duly registered Indian insurance company, as defined above, is allowed to carry on insurance business in India.

  • Any increase of foreign investment of an Indian insurance company shall be in accordance with the pricing guidelines specified by Reserve Bank of India under the FEMA.

  • With the passage of amending legislation in March 2015, the FDI limit in an Indian insurance company has been raised from 26% to 49%.2.42.

  • Only an Indian insurance company, which is duly registered with the IRDA, is allowed to cover risks in India and to carry on insurance business in India.

  • Imazamox is the last imidazolinone herbicide to be developed by Cyanamid and was first registered for post-emergent weed control in soybeans in 1997, under the tradename of Raptor® herbicide.

  • Foreign direct investment proposals which take the total foreign investment in the Indian insurance company above 26 percent and up to the cap of 49 percent shall be under Government route.

  • In accordance with the 1938 Insurance Act, as amended, insurance services may only be carried on by an Indian insurance company, meaning any insurer formed and registered in India under the Companies Act 1956, whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business.

  • The PIU staff (composed of national individual consultants) will be single-sourced.

  • An Indian insurance company shall ensure that its ownership and control remains at all times in the hands of resident Indian entities referred to in Notification No. G.S.R 115 (E), dated 19th February, 2015.

  • If any change or deviation from the Abbreviated Stormwater Management Permit occurs during a project, the Permit Authority may require the installation of interim measures before approving the change.


More Definitions of Indian insurance company

Indian insurance company means an “Indian Insurance Company” as defined in section 2 (7A) of the Insurance Act, 1938;
Indian insurance company means any insurer, being a company limited by shares-
Indian insurance company means an existing insurer having a share capital who is a company within the meaning of the Companies Act;
Indian insurance company has the meaning assigned to such term in Section 2(7A) of the Insurance Act;

Related to Indian insurance company

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • Insurance Company The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state, U.S. territory or the District of Columbia.

  • Association captive insurance company means a company that insures risks of the member organizations of the association and their affiliated companies.

  • Title Insurance Company as defined in Section 5.1(l).

  • Captive insurance company means a pure captive insurance company, association captive insurance company, captive reinsurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this chapter. For purposes of this chapter, a branch captive insurance company must be a pure captive insurance company with respect to operations in this State, unless otherwise permitted by the director.

  • Pure captive insurance company means a company that

  • Sponsored captive insurance company means a captive insurance company:

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

  • In-Orbit Insurance means, with respect to any Satellite (or, if the entire Satellite is not owned by the Issuer or any Restricted Subsidiary, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of co-insurance in an amount up to $150.0 million) or other contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the launch insurance therefor (or, if launch insurance is not procured, upon the initial completion of in-orbit testing) and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject to the terms and conditions set forth in this Indenture.

  • Insurance Commissioner means the Insurance Commissioner

  • Insurance premium finance company means a person engaged in the business of

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Other Insurance means insurance available to any covered person that covers a loss to which this policy applies, other than either primary insurance or insurance specifically purchased by you to be excess of the insurance afforded by this policy.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued annuities.

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Dental Insurance The District shall contribute $360.00 annually toward the cost of dental insurance whether for single or family coverage for full-status employees who qualify for and enroll in the plan. The cost of the premium not contributed by the District for family coverage shall be borne by the employee through payroll deduction.

  • Professional liability insurance means insurance against legal liability incident to the practice of a profession and provision of a professional service.

  • Guaranteed automobile protection insurance means insurance offered in

  • First party insurance means an insurance policy or contract in which the insurer agrees to pay a claim submitted to it by the insured for the insured's losses.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • Professional limited liability company means a limited

  • insurance broker means an insurance brokerage firm,

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Owners Corporation means the Owners’ corporation of the Lot and the Development incorporated and registered under the Building Management Ordinance (Cap.344);