Section 5(3) in The Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015
(3)[ Insurance/reinsurance companies registered with Insurance Regulatory and Development Authority of India (IRDA) to carry out insurance/reinsurance business may open, hold and maintain a Foreign Currency Account with a bank outside India for the purpose of meeting the expenditure incidental to the insurance/reinsurance business carried on by them and for that purpose, credit to such account the insurance/reinsurance premia received by them outside India.] [Substituted 'Life Insurance Corporation of India or General Insurance Corporation of India and its subsidiaries may open, hold and maintain with a bank outside India, a Foreign Currency Account for the purpose of meeting the expenditure incidental to the insurance business carried on by them and for that purpose, credit to such account the insurance premia received by them outside India.' by Notification No. G.S.R. 570 (E), dated 1.6.2016 (w.e.f. 21.1.2016).]
