Ministry of Finance via notification dated 27th April, 2020 has published The Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020. The amendment has allowed 100% investment in the Non-debt instruments of following intermediaries through automatic route:
“Intermediaries or Insurance Intermediaries including insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, Surveyors and Loss Assessors and such other entities, as may be notified by the Insurance Regulatory and Development Authority of India from time to time”.
The investment shall be subject to the new conditions provided by the amendment.
Click here to read the Amendment.