Insurance Amendment Bill proposing 100 per cent FDI unlikely in winter session
Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, may not be introduced in Parliament in the ongoing session, sources said. Some finetuning may be required in the draft Bill after receiving comments from stakeholders, sources said.
Given the paucity of time, it is difficult to present the Bill in the ongoing session, sources said, adding it may, however, come in the Budget session.
The finance ministry has proposed to amend various provisions of the Insurance Act, of 1938, including raising foreign direct investment (FDI) in the insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence.
The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10.
As per the proposal, the FDI limit in Indian insurance companies will be raised from 74 per cent to 100 per cent.
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