The Insurance Regulatory and Development Authority of India (‘IRDAI’) has notified the IRDAI (Registration of Indian Insurance Companies) (Eighth Amendment) Regulations, 2016 (‘IRDAI Amendment’), on July 25, 2016. Regulation 11 of the erstwhile regulations provided that foreign investment in insurance companies is to be calculated as the aggregate of: (i) quantum of paid-up equity share capital held by foreign investors (including foreign venture capital investors) in the insurance company; and (ii) proportion of the paid-up equity share capital held or controlled by each such foreign investor either by itself or through its subsidiary companies in the Indian promoter / Indian investor of the insurance company. Pursuant to the IRDAI Amendment, (ii) above is no longer applicable to an Indian promoter / any Indian investor of listed Indian insurance companies where the concerned Indian promoter / Indian investor is regulated by RBI, SEBI and / or the National Housing Bank.