IRDAI gives a nod to 16 FDI proposals worth Rs 14,592 cr

IRDAI has approved as many as 16 proposals amounting to Rs 14,591.9 crore as foreign investment. “Post notification of the Insurance Laws (Amendment) Act, 2015, IRDAI has approved 16 proposals amounting to Rs 14,591.89 crore as foreign investment in the insurance sector,” Minister of State for Finance Jayant Sinha said in a written reply in the Rajya Sabha.

The government had notified the Indian Insurance Companies (Foreign Investment) Rules, 2015, to facilitate foreign investment in the insurance sector. To bring clarity on Indian owned and controlled, the Insurance Regulatory and Development Authority of India has issued guidelines on the same.