Q. What is the purpose of the Memorandum of Exchange Control Regulations relating to General Insurance in India?

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Q. What document should insurers insist on when issuing policies expressed in foreign currency against premium payable in foreign currency?

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Q. What is the requirement for persons, firms, and companies resident in India regarding taking insurance cover with insurance companies in foreign countries?

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Q. How are payments of claims to individuals in Nepal and Bhutan against marine or non-marine policies typically handled?

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Q. In what currency are marine insurance policies on coastal shipments typically issued?

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Q. Under what conditions can the premium on a marine insurance policy for exports from India be accepted in rupees?

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Q. Under what conditions may insurers provide extensions of marine insurance cover for additional risks or extended transit risks?

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Q. How are premiums on marine insurance policies covering shipments between countries outside India typically received?

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Q. How are claims against marine insurance policies handled when payable to individuals, firms, or companies in India?

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Q. What documents are typically required to support applications for remittances of marine claims against exports?

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Q. Under what circumstances may insurers settle claims in rupees in favor of Indian exporters for marine claims against exports?

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Q. What provision does not apply to remittances for replenishment of foreign currency balances?

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Q. In which circumstances may insurers settle claims from their foreign currency balances in favor of overseas suppliers for certain categories of imports?

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Q. Under what circumstances may claims arising from marine insurance policies covering merchanting trade financed through India be settled by insurers from their foreign currency balances?

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Q. In which currency may insurance cover on risks inside India be issued for assets owned by residents of India?

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Q. Under what circumstances may non-marine risks in respect of assets outside India owned by residents of India be covered in foreign currency?

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Q. What conditions must be met for insurers to remit claims under policies issued in foreign currency?

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Q. What is the requirement for settlement of claims under policies issued in foreign currency for resident beneficiaries?

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Q. Under what circumstances can insurance cover on baggage or valuables in transit between India and other countries be issued in rupees?

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Q. What is required for premiums on policies covering baggage or valuables in transit to be collected in rupees?

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