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IRDAI requires Indian Insurance Cos. having FDI to have majority of its directors, CEO, MD as resident Indians

July 9, 2021
The IRDAI has notified that IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021. A new regulation 5A has been inserted which provides for requirement of Resident Indian citizenship for Directors, Key Management Persons. Under regulation 5A, Indian Insurance Co. having foreign investment shall have majority of its directors, Key Managerial Personnel and at least one among the Chairperson of its Board, MD and its CEO shall be Resident Indian Citizens.
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