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of <h1>Amendment to 2019 Rules: Foreign Investment in Indian Insurance Sector Raised to 74%, Key Management Must Be Indian Citizens.</h1> The Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021, effective from August 19, 2021, amends the 2019 rules concerning foreign investments in India. Key changes include addressing foreign direct investment applications in private banks with insurance sector ties to the Reserve Bank and the Insurance Regulatory and Development Authority of India. The sectoral cap for foreign investment in insurance is raised to 74%. Indian insurance companies with foreign investment must ensure a majority of directors and key management are Indian citizens and comply with relevant Indian regulations. Definitions for terms related to foreign investment are updated according to prior notifications.
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