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FDI increased to 49 per cent from 26 per cent for the insurance sector

The Central Government today has approved the Bill presented with reference to increase in foreign direct investment (FDI) in the insurance sector from 26 per cent to 49 per cent.

31 Oct 2008

The Central Government today has approved the Bill presented with reference to increase in foreign direct investment (FDI) in the insurance sector from 26 per cent to 49 per cent. 

Finance Minister P Chidambaram has said that the Union Cabinet has approved the Insurance (Amendment) Bill, 2008 for amendment to Insurance Act 1938, General Insurance Business Act, 1972, and Insurance Regulatory and Development Act, 1999, to Rajya Sabha.

The amendment is expected to remove outdated and superfluous provisions in the legislations and it would also incorporate certain provisions to provide Insurance Regulatory and Development Authority (IRDA) with flexibility to discharge its functions more effectively and efficiently said the Finance Minister.  

The Cabinet has decided to bring in the Life Insurance Corporation (Amendment) Bill, 2008 in the Lok Sabha.



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