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Business News/ Money / Insurance/  Irda supports FDI limit hike to 49% in insurance
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Irda supports FDI limit hike to 49% in insurance

Higher FDI will enable insurers to overcome a capital crunch and grow faster, says Irda chairman

Irda is working on guidelines on bundling insurance products with other financial services, products, says Irda chief. Photo: Mint (Mint )Premium
Irda is working on guidelines on bundling insurance products with other financial services, products, says Irda chief. Photo: Mint
(Mint )

Mumbai: India’s insurance regulator supported the insurance industry’s demand to increase the limit on foreign direct investment (FDI) in insurance joint ventures to 49% from 26%.

Addressing an insurance conference on Monday, chairman of the Insurance Regulatory and Development Authority (Irda), J. Hari Narayan said higher FDI would enable insurers to overcome a capital crunch and grow faster.

“Bill for enhancing FDI in insurance industry has been moved by the government in the Parliament and we have provided all our inputs to the government..," Hari Narayan said.

The regulator has also spelled out its stand on tax and investment norms in the insurance sector ahead of a meeting with the finance ministry on Wednesday.

Hari Narayan said Irda is working on guidelines on bundling insurance products with other financial services and products. Of late, mutual funds have been selling schemes bundled with an insurance component to attract investors. “Irda is examining the international practices and will shortly be coming out with guidelines on the appropriate matter."

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ABOUT THE AUTHOR
Anirudh Laskar
Anirudh reports on significant corporate matters including large mergers and acquisitions, India's emerging e-commerce sector and regulatory issues in the corporate and financial services industry. Over the past 17 years, he has covered many beats including banking, NBFCs, aviation, automobile, insurance, markets, SEBI, IRDAI, mutual funds, investment banking, private equity, deals, and conglomerates.
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Published: 24 Sep 2012, 10:02 PM IST
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