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IRDA would welcome increase in FDI cap in insurance to enhance growth for sector : J. Hari Narayan

Mumbai: September 24,2012

Advocating the need to hike foreign direct investment (FDI) cap in the insurance sector, chairman of the Insurance Regulatory Development Authority (IRDA) Shri J. Hari Narayan today said that FDI in insurance would enable the companies to grow and infuse more capital in the business as most of the insurance companies are going through a capital crunch.

 

While inaugurating the two-day ‘Global Insurance Summit: Finding the god particle in the insurance industry’ organized by the Associated Chambers of Commerce and Industry of India( ASSOCHAM), Shri J. Hari Narayan also said, A Bill for enhancing FDI in insurance industry has been moved by the government in the parliament and IRDA has provided its inputs to the government in this regard.

 

He also said IRDA has also given its views on tax and investment norms in insurance sector ahead of their meeting with the Finance Ministry on Wednesday which will examine all measures related to income tax, service tax and so on.

 

This meeting is a follow up of a meeting of select top insurance companies with the finance minister on September 4, where measures to underpin and strengthen the growth of insurance sector were discussed.  Talking about the guidelines on life-insurance products, Shri Narayan said Draft guidelines on life-insurance products will be sent to the life council for discussion in two-three weeks time.

 
PIB Release/MH/206

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