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This notification has come into effect from 07.07.2021. After regulation 5, the following regulations shall be inserted, namely: - “Requirement of Resident Indian citizenship for Directors, Key Management Persons, etc. 5A. 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. Explanation: For the purpose of this regulation, the expression “Resident Indian Citizen” shall have the same meaning as assigned to it in clause (o) of sub-rule (1) of rule 2 of Indian Insurance Companies (Foreign Investment) Rules, 2015.