Section 5 in Indian Insurance Companies (Foreign Investment) Rules, 2015
5.
[The Foreign Investment proposals up to forty-nine per cent of the total paid up equity of the Indian Insurance Company shall be allowed on the automatic route subject to verification by the Insurance Regulatory and Development Authority of India.] [Substituted 'The Foreign Direct Investment proposals upto 26 per cent of the total paid up equity of the Indian Insurance Company shall be allowed on the automatic route.' by Notification No. G.S.R. 314(E), dated 16.3.2016 (w.e.f. 19.2.2015).]
