Bill to hike FDI in insurance sector to 74% tabled in Rajya Sabha
The amendments to Insurance Act propose to appoint resident Indians on majority of directors on the board and key management positions, with at least 50 per cent of directors being independent directors
BusinessToday.In | March 15, 2021 | Updated 23:30 IST
Finance Minister Nirmala Sitharaman has tabled a Bill in Rajya Sabha to amend the Insurance Act to increase foreign direct investment (FDI) in the sector to 74 per cent from 49 per cent.
The Union Cabinet had approved the amendments listed in the Insurance Amendment Bill 2021 last Wednesday. It aims to amend FDI provisions in Insurance Act 1938.