DPIIT notifies FDI to allow 100% FDI for insurance intermediaries

The Department for Promotion of Industry and Internal Trade (DPIIT) has notified the foreign direct investment (FDI) policy to allow 100% FDI for insurance intermediaries, including insurance brooking, insurance companies, third party administrators, surveyors and loss assessors. Finance minister Nirmala Sitharaman in the Union Budget last year said that 100% FDI will be permitted for insurance intermediaries. “FDI inflows into India have remained robust despite global headwinds. Global Foreign Direct Investment (FDI) flows slid by 13% in 2018, to $1.3 trillion from $ 1.5 trillion the previous year–the third consecutive annual decline, according to UNCTAD’s World Investment Report 2019… I propose to further consolidate the gains in order to make India a more attractive FDI destination,” Sitharaman had said in the Budget speech in July last year.