The Department of Financial Services (DFS) is seeking public comments on proposed amendments aimed at raising the FDI limit in Indian insurance companies from 74% to 100%.
Click Link to Read More: The Indian government plans to amend insurance law to allow a unified license and increase the 100% FDI limit in the upcoming amendment bill
The finance ministry has suggested changing a number of clauses in the 1938 Insurance Act, such as lowering paid-up capital, allowing for composite licenses, and increasing foreign direct investment (FDI) in the insurance industry to 100%. The public has until December 10 to provide feedback on the proposed revisions, according to the Department of Financial Services (DFS). According to the plan, the FDI cap on Indian insurance firms will increase from 74% to 100%. The proposed revisions to the Insurance Act 1938, the Life Insurance Corporation Act 1956, and the Insurance Regulatory and Development Authority Act, 1999, are the subject of the DFS’s second public consultation.It is suggested that several insurance legislation rules be changed to guarantee the availability and cost of
