News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Advts:
Classifieds |
Employment |
Obituary |
Business
IRDA gets more power
Special Correspondent
NEW DELHI:
The Union Government has authorised the Insurance Regulatory and Development Authority (IRDA) to grant permission to foreign insurance companies for setting up liaison offices in the country. Earlier, the Reserve Bank of India was performing this task.
In a circular here, IRDA Chairman C. S. Rao said: "The existing procedure for grant of permission by the RBI for opening of an office by an insurance company registered outside India has been revised in consultation with the Government and it has been decided that henceforth, such permission would be granted by the IRDA.''
Although the IRDA is now empowered to issue licences, the foreign insurance companies, which want to set up liaison offices in the country, will have to comply with the terms and conditions of `general permission' granted by the RBI under the Foreign Exchange Management Act (FEMA) and any other law in force.
Printer friendly
page
Send this article to Friends by
E-Mail
Business
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Advts:
Classifieds |
Employment |
Obituary |
Updates:
Breaking News |
|
