Section 9(3) in Indian Insurance Companies (Foreign Investment) Rules, 2015
(3)The insurance intermediary that has majority shareholding of foreign investors shall undertake the following:(i)be incorporated as a limited company under the provisions of the Companies Act, 2013;(ii)at least one from among the Chairman of the Board of Directors or the Chief Executive Officer or Principal Officer or Managing Director of the insurance intermediary shall be a resident Indian citizen;(iii)shall take prior permission of the Authority for repatriating dividend;(iv)shall bring in the latest technological, managerial and other skills;(v)shall not make payments to the foreign group or promoter or subsidiary or interconnected or associate entities beyond what is necessary or permitted by the Authority;(vi)shall make disclosures in the formats to be specified by the Authority of all payments made to its group or promoter or subsidiary or interconnected or associate entities;(vii)composition of the Board of Directors and key management persons shall be as specified by the concerned regulators;]
