New insurance FDI rules a mixed bag for foreign investors
The Hindu
Indian ownership and control norms tweaked after ceiling hike to 74%
NEW DELHI Indian promoters of insurance joint ventures with foreign partners will no longer be able to nominate a majority of the board members, as per new rules notified under the Insurance Act. The rules come into effect following recent amendments to enhance the foreign direct investment (FDI) limit in insurance from 49% to 74%. However, a majority of board members and key management persons (KMP) need to be Resident Indian citizens, as should at least one of the three top positions — the chairperson of the board, managing director and the chief executive officer.
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