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This notification has come into effect from 19.05.2021. Rule 2 shall be numbered as sub-rule (1) thereof, and in sub-rule (1) as so numbered, Clauses (c), (e), (k) and (l) shall be omitted; For clause (o), the following clause shall be substituted, namely: ‘(o) “Resident Indian Citizen” shall have the meaning assigned to it in such policy as the Central Government may frame from time to time on foreign direct investment; For clause (p), the following clause shall be substituted, namely: ‘(p) “Total Foreign Investment” in an Indian Insurance Company, shall mean the sum total of direct and indirect foreign investment by Foreign Investors in such company, calculated in such manner as is specified in regulations made by the Authority with regard to registration of Indian Insurance Companies; Clause (q) shall be omitted; In rule 2, after the sub-rule (1) as so numbered, the following sub-rule shall be inserted, namely: “(2) Words and expressions used herein and not defined in these rules, but defined in the Act or in the rules or regulations made thereunder, shall have the same meanings respectively assigned to them in the Act or in the rules or regulations.” In the principal rules, in rule 3, for the word “forty-nine”, the word “seventy-four” shall be substituted. In the principal rules, for rule 4, the following rules shall be substituted, namely: “4. (1) In an Indian Insurance Company having foreign investment, a majority of its directors, A majority of its Key Management Persons, and At least one among the chairperson of its Board, its managing director and its Chief Executive Officer, Shall be Resident Indian Citizens.