Page 47 - Insurance Times December 2015 SAMPLE

up equity capital of such Indian insurance company. Our Analysis
Since the shareholding of foreign investors exceed the
limit specified the Company will not be treated as an The disclosure requirements specified under the Guidelines
Indian Insurance Company. needs to be complied by the three categories of companies
i.e. companies coming into existence post issuance of the

Guidelines, existing companies intending to hike the foreign
u Whether the Company A will be treated as an Indian investment and the existing companies which do not intend
owned and controlled company?
to increase their current foreign stake. However, these
In view of the above, since the Company will not be three categories seemingly covers all types of insurance
treated as an Indian Insurance Company the question companies. Also, the Guidelines states "and" between the
of Company A being treated as an Indian owned and last two categories but there does not appears to be any
controlled company does not arise.
correlation between them.

Compliances to be ensured References

The Indian insurance company shall obtain a duly signed 1. h t t p s : / / w w w . i r d a . g o v . i n / A D M I N C M S / c m s /
undertaking from Chief Executive Officer (CEO) and Chief whatsNew_Layout.aspx?page=PageNo2644&flag=1
Compliance Officer (COO) confirming the compliance of
Indian owned and controlled i.e. para 4 of the Guidelines. 3. h t t p : / / w w w . p r s i n d i a . o r g / u p l o a d s / m e d i a /
This undertaking shall be accompanied by a CTC of board Indian%20Insurance%20Company/
resolution along with certified copy of amended Indian%20Insurance%20Company%20Rules%202015.pdf
agreement/ JV agreement. Also, the Guidelines needs to
be complied by an insurance intermediaries as defined under 3. http://www.indiacode.nic.in/acts-in-pdf/2015/201505.pdf
the Insurance Regulatory and Development Authority of
India Act, 1999 having 50 per cent or more of its revenue 4. h t t p s : / / w w w . i r d a . g o v . i n / A D M I N C M S / c m s /
from insurance activities. frmGeneral_Layout.aspx?page=PageNo107&flag=1

5. Discussed at length in our write up on Rules 2015. Can
be viewed at - http://indiacorplaw.blogspot.in/2015/06/
lack-of-regulatory-clarity-on-foreign.html

Book Review

Name of the Book : MICROINSURANCE INCLUDING THE EXCLUDED

ISBN : 978-93-5206-350-5

Edition : 2015

Publisher : Notionpress.com

Author : Dr. Sreemoyee Guha Roy

Contact : Mob: +919830953340, email-sreemoyeeguharoy@gmail.com

Review comment : Poverty injects vulnerability. Microinsurance provides economic and psychological security
to the poor by reducing exposure to multiple risks and cushioning the impact of a disaster.
This book tries to identify such disasters and throw light on how to overcome them through
Microinsurance.

To whom this book : This book would be academically beneficial for Research students of Insurance in respect

will be beneficial of Microinsurance at initial stage.

About the Author : Dr. Sreemoyee Guha Roy has a PhD in Finance from Calcutta University. She is currently
working as an Assistant Professor at St. Xavier's College (Autonomous), Kolkata. She is also
an Associate Editor for two international journals.

She has many national and international publications to her credit and has also participated as a paper presenter in
various national and international seminars and conferences.

Her area of research was Microinsurance, which motivated her to come up with this book.

The Insurance Times, December 2015 43

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