The government on Monday, 22 December 2008, tabled the insurance reform bill in parliament. The bill seeks to lift the foreign direct investment (FDI) cap in insurance firms to 49% from 26%, and allow overseas reinsurers to enter the market through branches.The proposed legislation also aims to allow health insurers to start business with a minimum capital of Rs 50 crore, instead of the minimum Rs 100 crore required by life and general insurers.
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