  
  
S/C/N/ 950 
7 June  2019 
(19-3977) Page: 1/2 
Council for  Trade in Services  Original:  English  
 
  
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE GENERAL  
AGREEMENT ON TRADE IN SERVICES  
The following notification from the delegation of India, dated 7 June  2019, is being circulated to the 
Members of the Council for Trade in Services.  
 
_______________  
 
 
1  MEMBER NOTIFYING:  
India  
2  NOTIFICATION PURSUANT TO:  
Article III:3 of the General Agreement on Trade in Services  
3  DATE OF ENTRY INTO FORCE : 
21 March 2016  
 
4  AGENCY  RESPONSIBLE FOR ENFORCEMENT OF THE MEASURE : 
Insurance Regulatory and Development Authority of India (IRDAI)  
5  DESCRIPTION OF THE MEASURE : 
Services auxiliary to insurance: consultancy, actuarial, risk assessment  
 
Auxiliary services, other than actuarial services : Up to 26 December 2014, the FDI was allowed only 
up to 26%. This was raised to 49% through an amendment to Section 2(7A) of Insurance Act.  
Further, the Indian Insurance Companies (Foreign Investment) Rules, 2015 have been notified by 
the Governm ent of India.  The amended Act and the rules framed thereunder provided for 49% cap 
in foreign investment and also envisages Indian ownership and control. Accordingly, IRDAI has 
issued guidelines on "Indian owned and controlled " on 19 October 2015.  
 
The ow nership and control of the company established in India remains at all times in the hands of 
resident Indian citizens or Indian companies, which are owned and controlled by resident Indian 
citizens. The Rules prescribe Indian ownership and control requirem ent for auxiliary services such 
as TPAs, Surveyors & Loss Assessors . 
 
Actuarial Services : Commercial presence through partnerships subject to approval under applicable 
law and formal certification by Institute of Actuaries of India.  
 
6  MEMBERS SPECIFICALLY A FFECTED, IF ANY : 
None S/C/N/9 50 
- 2 - 
  7  TEXT AVAILABLE FROM : 
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_NoYearLayout.aspx?page=PageNo2440&flag
=1 
 
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