https://www.taxtmi.com/notifications?id=136391 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. en-us Thu, 19 Aug 2021 00:00:00 +0530 Fri, 20 Aug 2021 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=136391 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. Notifications FEMA Thu, 19 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/notifications?id=136391