The Reserve Bank of India has issued a set of guidelines for Core Investment Companies – CICs who wish to set up a joint venture company for undertaking insurance business.In a notification issued from Mumbai on Monday, RBI has clarified that CICs cannot undertake insurance agency business and their investment in insurance joint venture would be guided by IRDA norms.RBI has said that those wish to participate in insurance business as investors or on risk participation basis will be required to obtain prior approval of the apex bank.Meanwhile, the eligibility criterion mentions that the CIC should have registered net profit continuously for three consecutive years.The funds owned shall not be less than Rs. 500 crore; while the level of net non-performing assets shall be not more than 1% of the total advances.It adds that CICs may be permitted to invest up to 100% of the equity of the insurance company either on a solo basis or in joint venture with other non-financial entities in the group.In case where a foreign partner contributes 26 per cent of the equity, more than one CIC may be allowed to participate in the insurance joint venture.