With 49 per cent FDI being allowed in insurance sector, regulator IRDAI on 19.10.2015 said Indian promoters will have control over appointment of majority of directors and that of key management persons, including CEOs.

However, foreign investors can nominate non-CEO key management persons provided such an appointment is approved by the board where majority of the directors, excluding independent members, are the nominees of Indian investors, IRDAI said while issuing its guidelines for “Indian owned and controlled” insurance companies.