The Rajya Sabha has passed the Insurance (Amendment)
Bill, 2021. It seeks to amend the Insurance Act, 1938 which will
increase the limit of foreign investment allowed in Indian insurance
companies.
The Bill provides to increase the foreign direct investment limit from
existing 49 percent to 74 percent. It also has a provision for removal
of restrictions on ownership and control of the insurance companies.
Replying to a discussion yesterday, Finance Minister, Nirmala Sitharaman
said, that a higher FDI limit of 74 per cent is not a compulsion for
every insurance company, as it sets only an upper limit. She clarified
that increasing the limit does not mean automatic foreign investment to
that level to all companies, and each and every company will decide the
limit of investment.
Responding to members' questions with
regard to reservation policy, the minister assured the House that the
Government is fully committed to social justice and existing reservation
policy will continue in the insurance sector.
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(With input from news agency language)
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