New Delhi, Feb. 3 -- The government plans to further liberalise foreign investment rules for insurance companies by removing the condition that mandates the presence of Indian residents in the boards and top management of insurance entities.

In her Budget speech on Saturday, finance minister Nirmala Sitharaman announced the government would allow foreign entities to fully own insurance companies in India by increasing the foreign direct investment (FDI) limit from 74% to 100%. She added, "The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified."

The relaxed foreign investment rules, however, won't affect the provision that allows a higher FDI investment level only to companies that ...