Foreign investment limit in the insurance sector updated; board residency and application routing requirements clarified for compliance. Amendments raise the foreign investment cap for the insurance sector and require that FDI applications in private banks having an insurance JV/subsidiary be referred to the Reserve Bank in consultation with the Insurance Regulatory and Development Authority to ensure the sectoral cap is not breached. They also require that a majority of directors and Key Management Persons, and at least one of the Chairperson, Managing Director or Chief Executive Officer of an Indian insurance company with foreign investment, be Resident Indian Citizens, and align definitions and compliance with the Indian Insurance Companies (Foreign Investment) Rules, 2015 and IRDAI regulations.
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Foreign investment limit in the insurance sector updated; board residency and application routing requirements clarified for compliance.
Amendments raise the foreign investment cap for the insurance sector and require that FDI applications in private banks having an insurance JV/subsidiary be referred to the Reserve Bank in consultation with the Insurance Regulatory and Development Authority to ensure the sectoral cap is not breached. They also require that a majority of directors and Key Management Persons, and at least one of the Chairperson, Managing Director or Chief Executive Officer of an Indian insurance company with foreign investment, be Resident Indian Citizens, and align definitions and compliance with the Indian Insurance Companies (Foreign Investment) Rules, 2015 and IRDAI regulations.
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