X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India an

The setting up of an insurance company in India is governed by the Insurance Act, 1938, IRDA, 1999 and other related Acts. The proposed company intends to carry out Life Insurance Business and Health Insurance Business in India where the partners are a non Indian and an India partner. As required they have to set up a public limited company in India (comply with all the requirements of the Companies Act, 2013). As per the present rules the foreign shareholding cannot exceed 49%. The registration is 2 stage process R1 and R2. Every company desirous of seeking insurance business registration from IRDAI has to first apply in Form R1 giving all the details as required therein to IRDAI. Once R1 is approved which is based on the due diligence of the proposed management and fulfilling of the other criteria for authorized capital, paid up capital etc. Once R1 is accepted and approved the proposed company can proceed to file form R2 in details and then on being satisfied for all the aspects of the company as required under the Act(s), IRDAI will grant a certificate of registration to the applicant company to carry on the insurance business in India. (i) Every insurer carrying on insurance business in India shall have a minimum paid up capital of ₹100 crores for life insurance and general insurance business. The proposed company while applying to IRDAI is keeping the authorized share capital at ₹150 crores and the issued and paid up capital at ₹100 crores which is well within the stipulated requirements of the Act. Hence this condition would be acceptable to the authority.