Indian Parliament on Thursday has approved Insurance Laws (Amendment) Bill, 2014. The bill was passed in the Rajya Sabha. Foreign direct investment limit in the insurance sector will get increased to 49% from current 26%, once the bill becomes Act when the President signs it. 

"We warmly welcome the passing of the Insurance Laws Amendment Bill in the Rajya Sabha, enabling us to submit our application to increase our shareholding in Max Bupa from 26% to 49%. With a customer base of two million people, Max Bupa is already the 7th largest private health insurer in India and has huge potential to grow as demand for quality affordable healthcare continues to rise. Together with Max India, we are committed to developing the business and the health insurance market," David Fletcher, managing director, International Development Markets, Bupa Health Insurance.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.