Indian Parliament on Thursday has approved Insurance Laws (Amendment) Bill, 2015. 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.
Commenting on the same, Arbind Prasad, Director General, FICCI said, "The passage of Insurance Amendment Bill in Rajya Sabha marks a new beginning for the Indian insurance sector. A much awaited legislation will pave way for higher investments and more innovation in the insurance domain in India."
"Particularly given long term funding needs of infrastructure in the country, growth of this sector will also help bring much needed funds for meeting India's growth aspirations," Prasad added.
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