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Centre likely to relax the board regulations for foreign insurers
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New Delhi
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The Union government is likely to allow foreign insurers to appoint a majority of non-resident board members, along with other key managerial personnel (KMPs), once the foreign direct investment (FDI) cap is raised to 100 per cent from the current 74 per cent, two senior government officials have confirmed.
This is a key demand from the US government and American insurance industry groups, with both the United States Trade Representative (USTR) and the Coalition of Services Industry (CSI) recently raising the issue.
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