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Insurers allowed to set up offices in special economic zones

In case of direct insurance, the Indian insurers (except a statutory body) may also establish an IIO to transact a specified direct insurance business in an SEZ.

 
 
As per the guidelines, FDI of up to 26 per cent come under automatic route and beyond 26 per cent and up to 49 per cent government approval is needed.
The IRDA guidelines for 'Registering Cancellation or Change of Nomination' have come into effect from April 1, 2015.
Experts say the insurance industry needs long-term capital for growth, which FDI can bring, and will also be able to invest in innovative products.
 
 
Under the Memorandum of Understanding (MoU), LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum.
Lloyd's, which is planning to set up operations in India, feels there is a need for prudential, proportional regulation supporting well capitalised re-insurers.
LIC Chairman S K Roy said since life insurers have long-term liabilities in the form of policy contracts, such bonds would be a good bet.
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