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Rules for insurance firms’ control tweaked after FDI ceiling raised to 74% Updated: Updated: New norms seen as a ‘mixed bag’ Share Article 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. ....
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. ....
FDI in Insurance hiked to 74%, LIC IPO in 2022 The hike will offer foreign promoter an opportunity to buy out their cash-strapped Indian partners if necessary FDI in Insurance hiked to 74%, LIC IPO in 2022 India s Finance Minister Nirmala Sitharaman on Monday, in her Union Budget speech, announced a proposal to increase the foreign direct investment (FDI) limit in the insurance sector to 74 per cent. Sitharaman said the Insurance Act 1938 will be amended to increase permissible FDI limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards . 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 directors being independent directors and specified percentage of profits being retained as general reserves, she said. ....
Home » Website » Business » Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector It was in 2015 when the government hiked the foreign direct investment (FDI) limit in the insurance sector from 26 per cent to 49 per cent. Representational Image Outlook Web Bureau 2021-02-01T15:28:59+05:30 Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector outlookindia.com 2021-02-01T15:34:23+05:30 Also read In a major move, Finance Minister Nirmala Sitharaman on Monday proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent from the current 49 percent cap, a move aimed at attracting greater overseas capital inflows to help enhance insurance penetration ....