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New laws prompt Indian insurers to redraft joint venture agreements


With Insurance Regulatory and Development Authority of India issuing new guidelines regarding foreign direct investments in the insurance sector, insurers are redrafting their joint venture agreements with foreign firms, Business Standard reported.

Insurers have three months to comply with the new guidelines. Irdai has said that the domestic firms have to make sure that most of the directors, not including independent directors, are nominated by Indian promoter/investor.

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