X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India an
CS Professional · Insurance - Law and Practice · PYQS · June 2018
X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India and after due diligence has decided to align himself with an Indian Company. The negotiated terms and conditions of the joint venture agreement are as under: It is agreed to between X and the Indian partners that the CEO of the proposed insurance company will be an expatriate (non-Indian) who will be in control of the insurance business.
Answer & Explanation:
(viii) The proposal to appoint an expatriate (non Indian) as CEO of the proposed insurance company will also be acceptable as long as other conditions of the management structure of the proposed company are fulfilled as required under the law.
Topics: Insurance Law and Regulation
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