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Insurers selling other financial products is ultra vires the 2 laws, will lead to problems: Legal experts

Even as some call the Indian government's proposal to allow insurance companies to sell other financial products as radical, legal eagles say it is ultra vires of the two insurance laws governing the sector and not beneficial for the . ....

Tamil Nadu , Venkatachari Jagannathan , Supreme Court , Shardul Amarchand Mangaldas Co , Development Authority , Development Authority Of India , Emkay Global Financial Services , Insurance Act , Insurance Regulatory , Development Authority Act , Shailaja Lall , Insurance Practice , Shardul Amarchand Mangaldas ,

Welcome To IANS Live - BUSINESS - Insurers selling other financial products is ultra vires the 2 laws, will lead to problems: Legal experts

They ....

Tamil Nadu , Venkatachari Jagannathan , Supreme Court , Shardul Amarchand Mangaldas Co , Development Authority , Development Authority Of India , Emkay Global Financial Services , Insurance Act , Insurance Regulatory , Development Authority Act , Shailaja Lall , Insurance Practice , Shardul Amarchand Mangaldas ,

Welcome To IANS Live - LatestNews - Insurers selling other financial products is ultra vires the 2 laws, will lead to problems: Legal experts

They ....

Tamil Nadu , Venkatachari Jagannathan , Supreme Court , Shardul Amarchand Mangaldas Co , Development Authority , Development Authority Of India , Emkay Global Financial Services , Insurance Act , Insurance Regulatory , Development Authority Act , Shailaja Lall , Insurance Practice , Shardul Amarchand Mangaldas ,

Rules for insurance firms' control tweaked after FDI ceiling raised to 74%

Rules for insurance firms’ control tweaked after FDI ceiling raised to 74%
Updated:
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New norms seen as a ‘mixed bag’
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New norms seen as a ‘mixed bag’
Indian promoters of insurance joint ventures with foreign partners will no longer be able to nominate a majority of the board members, as per the new rules notified under the Insurance Act. This follows the recent amendments to enhance the foreign direct investment (FDI) limit in the sector to 74% from 49%.
However, a majority of board members, key management persons (KMP) need to be resident Indian citizens, as should at least one of the three top positions the chairperson of the board, the MD and CEO. ....

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Budget proposes to hike FDI in insurance to 74% - The Hindu BusinessLine

Budget proposes to hike FDI in insurance to 74%
February 01, 2021
Insurers welcome the move as insurance is a capital-intensive business
Finance Minister Nirmala Sitharaman has proposed to enhance the foreign direct investment (FDI) limit in insurance to 74 per cent along with relevant safeguards.
As part of the Union Budget 2021-22, she has proposed to amend the Insurance Act to increase the permissible FDI limit to 74 per cent in insurance companies and allow foreign ownership and control with safeguards.
At present, FDI up to 49 per cent is permitted in insurance companies.
“Under the new structure, the majority of directors on the board and key management persons would be resident Indians with at least 50 per cent of the directors being independent directors and a specified percentage of profits being retained as general reserve,” Sitharaman said. ....

Nirmala Sitharaman , Vighnesh Shahane , Shardul Amarchand Mangaldas Co , Union Budget , Finance Minister Nirmala Sitharaman , Insurance Act , Ageas Federal , Shailaja Lall , Shardul Amarchand Mangaldas , Foreign Direct Investment Fdi , General Reserve , Capital Intensive , Covid 19 , Foreign Promoter , Foreign Capital , விக்னேஷ் ஷாஹேன் , ஷார்துள் அமர்சந்த் மங்கல்தாஸ் இணை , தொழிற்சங்கம் பட்ஜெட் , காப்பீடு நாடகம் , ஷைலாஜா லால் , ஷார்துள் அமர்சந்த் மங்கல்தாஸ் , வெளிநாட்டு நேரடி முதலீடு ஃப்டீ , ஜநரல் இருப்பு , மூலதனம் தீவிர , சர்வதேச பரவல் , வெளிநாட்டு ப்ரமோடர் ,