Cabinet approves 49% FDI in insurance via FIPB route: Media Report

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The Cabinet today approved 49 per cent foreign investment in insurance companies through the FIPB route ensuring management control in the hands of Indian promoters, said the media report.

"The Cabinet Committee on Economic Affairs has approved raising of FDI cap in insurance sector to 49 per cent from 26 per cent," sources said after a meeting of the CCEA, headed by Prime Minister Narendra Modi as per the media report.

With the Cabinet approving the amendments to the long pending Insurance Laws (Amendment) Bill, it will now be taken up by Parliament.

The insurance sector was opened up for private sector in 2000 after the enactment of the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999).

Story first published: Thursday, July 24, 2014, 12:50 [IST]
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