The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday said all insurance companies have to report compliance on Indian ownership and control criteria by January 18, next year.
In a letter to chief executive officers of all insurance companies in the country on Wednesday, V.R. Iyer, member (finance and investment) IRDAI, said insurers have to report compliance to Indian ownership and control criteria by that date.
Insurers who are not able to conform to the Indian-owned and controlled criteria should submit an assurance from their board of directors on compliance within six months from date of issuance of guideline on the subject by IRDAI.
The IRDAI had issued the guidelines on Indian Owned and Controlled insurance company on October 19, 2015.
As the amended insurance law, an Indian insurance company should be owned and controlled by Indians.
According to the IRDAI, majority of insurers have not approached it and the Foreign Investment Promotion Board (FIPB) seeking a change in their shareholding pattern.
The insurance law was amended allowing foreign direct investment (FDI) up to 49 percent from the earlier limit of 26 percent.