insurance: Centre to scrap 51% holding clause to privatise insurer

Synopsis
The draft Bill, which has been sent for approval by the Union Cabinet before introducing it in Parliament, seeks to remove the 51% floor on government holding, official sources told TOI. Foreign investors will be able to hold up to 74% in the divested general insurance firm subject to Indian management and control, government sources said, while ruling out any plan to sell New India Assurance or GIC.
As reported first by TOI on June 7, NITI Aayog has identified Central Bank of India and Bank of Maharashtra for privatisation.
The government is ready with a proposal to amend insurance laws to privatise one of the three unlisted general insurance companies.

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