Union Budget 2014: FDI In Insurance Likely To Fetch $20 Billion
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Liberalising foreign direct investment (An increase in FDI in insurance sector would automatically raise the cap for pension firms and insurance intermediaries. "Until now all investments in the insurance sector were under the automatic route as the limit was specified by law and licences were granted by the regulator," said Deepak Mittal, managing director and chief executive officer, Edelweiss Tokio Marine Life Insurance.
"The insurance sector is investment starved. Several segments of the sector need an expansion. The composite cap in the insurance sector is proposed to be increased up to 49% from the current level of 26%, with full Indian management and control, through the
He added that in most life insurance joint ventures, the agreement envisages stake transfer to the foreign partner at fair market value. “At fair market value, 23% stake of the all the companies in the insurance sector put together would be around Rs 1.1 to Rs 1.2 lakh crore," said Parekh.
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