FinMin proposes to raise insurance FDI to 100%, composite licence provision

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FinMin proposes to raise insurance FDI to 100%, composite licence provision - Business Standard

Quick Summary:

The finance ministry has proposed to amend various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence.

This is the second public consultation that the DFS has sought on the proposed amendments to the Insurance Act 1938, the Life Insurance Corporation Act 1956, and Insurance Regulatory and Development Authority Act, 1999.

The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10.