Section 2(7A) of the Indian Insurance Act: Indian Insurance Company means any insurer being a company, which is limited by shares: (a) which is formed and registered under the Companies Act, 2013 as a public company or is converted into such a company within one year of the commence of the Insurance Laws (Amendment) Ordinance, 2014; (b) In which the aggregate holdings of equity shares of foreign investors, including portfolio investors do not exceed forty-nine per cent paid up equity capital of such Indian insurance company which is Indian owned and controlled in such manner as prescribed. (c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business. As per Section 6 of the Indian Insurance Companies (Foreign Investment) Rules, 2015, foreign direct investment proposals which take the total foreign investment in the Indian insurance company above 26 per cent and up to the cap of 49 per cent shall be on the Foreign Investments Promotion Board (FIPB) route, and shall require FIPB approval subject to the compliance of the provisions of the Insurance Act, 1938.