Irda should provide faster clearances, says finmin
Cabinet is expected to soon take up the proposed insurance and pension legislation
New Delhi: India’s insurance regulator should provide faster clearances for products, improve penetration and enhance product structures, the finance ministry said on Wednesday.
The government also made a case for easing of regulations on investment in infrastructure at a meeting attended by finance minister P. Chidambaram, Insurance Regulatory and Development Authority (Irda) chairman J. Hari Narayan and financial services secretary D.K. Mittal.
“I think we are moving in the right direction. A final decision will be taken soon," Mittal said. “We will have another round of meeting tomorrow."
The cabinet is expected to soon take up the proposed insurance and pension legislation. The former proposes to hike the foreign direct investment (FDI) limit to 49% from 26% and the latter seeks to link the FDI limit to that prevailing in the insurance sector.
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