Indian Insurance Companies (Foreign Investment) Amendment Rules 2021
On 20th May, 2021, the Finance Ministry formally notified the amendment to the Indian Insurance Companies (Foreign Investment) Rules, 2015 and clarified on the final rules for increasing the foreign direct investment limit in the insurance sector to 74% from the existing 49%.
- It is to be noted that the Parliament has passed the Insurance Amendment Bill 2021 to increase the foreign direct investment (FDI) limit in the insurance sector.
Need
Low Insurance Penetration
- Insurance penetration in India is currently at 3.7% of the gross domestic product (GDP) compared to the world average of 6.31%.
- Growth in the life insurance ....
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