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The Union government should withdraw the Insurance Bill that envisaged enhancement of foreign direct investment in the insurance sector from 26 per cent to 49 per cent, the All India Insurance Corporation Employees Association (AIIEA) has demanded.
Before 1999, the insurance sector in India was nationalized. No private sector or foreign insurance companies were allowed. In 1999, the insurance law was amended, opening the market to private firms as well as joint ventures with foreign partners. The amended law permitted foreign direct investment (FDI) only up to 26% in an Indian insurance company. Read more
The frequent run-ins between the ruling side and the Opposition may not push important reform legislations off the table in the Budget session, but, BJP leader Yashwant Sinha recently told ET that his party was open for talks with the government on hiking the quantum of FDI in the insurance sector. Read more
At a time when the UPA looks at least mildly certain to increase the foreign investment limit in the insurance sector to 49 per cent (from the existing limit of 26 per cent) – under the much anticipated Insurance Laws (Amendment) Bill, 2008 (Insurance Bill), proposed to be taken up by the parliament in the budget session, the current regulatory regime governing FDI in insurance broking is dismal and far from satisfactory; and going by the text of the Insurance Bill, it seems likely that the blues will continue to pervade insurance brokers looking to raise foreign capital. Read more
The proposal to hike foreign direct investment limit to 49% has been rejected by the Parliamentary Standing Committee on Finance. Read more
The US today said it is looking forward to India opening up its insurance sector further to foreign investors just as it has done in case of FDI in the retail sector.
“We are looking at the expansion of FDI, particularly at expansion of FDI in insurance,” US Ambassador to India Nancy J Powell said at the World Economic Forum on India here. Read more
JD-U today targeted Prime Minister Manmohan Singh over the latest decision to allow 49  per cent FDI in insurance sector but remained evasive on whether ally BJP will back its  total  opposition to the measure.
JD-U President Sharad Yadav came down heavily on the Centre for “going on an  announcement spree” to bring foreign capital in the country and acridly remarked that  Singh should “disinvest the central government also” to “complete the the disinvestment  cycle” Read more
Consumers can look forward to a series of changes and not just the advent of new companies and insurance options if the reforms package approved by the Cabinet recently gets a green signal from Parliament. Read more
Finance minister P Chidambaram has cleared a proposal to raise foreign direct investment limit in insurance and pension sectors to 49%. The insurance amendment bill was pending since long and with the clearance from finance ministry the insurance industry which was slowing down will get a major boost.
Read moreInsurance players believe FDI proposal in their sector will take at least a year or two to be approved Read more
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