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This is an archive article published on March 7, 2013
Global insurance body calls for relaxation of FDI in sector
One of worlds largest body of insurance associations has written to the countrys top policy makers including Prime Minister Manmohan Singh
Written by ENS Economic Bureau
New Delhi | March 7, 2013 12:36 AM IST
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2 min read
One of worlds largest body of insurance associations has written to the countrys top policy makers including Prime Minister Manmohan Singh calling for liberalisation of the insurance sector as it would improve the quality of services and availability of products as well as generate more jobs.
The global insurance industry looks forward to having the opportunity to work with local partners by introducing new foreign capital into new and existing joint ventures, the Global Federation of Insurance Association GFIA said in an open letter to the Prime Minister and leaders of the Opposition.
Copies of the letter have also been marked to finance minister P Chidambaram,commerce and industry minister Anand Sharma,Parliamentary affairs minister Kamal Nath,Opposition leaders Arun Jaitley and Sushma Swaraj as well as chairman of the Parliamentary Standing Committee on Finance Yashwant Sinha.
Lauding the governments efforts to increase foreign direct investment to 49 per cent in the sector,the GFIA said,We are convinced by our experience in markets worldwide that it will help to strengthen the capabilities of the industry to serve the needs of Indian consumers and the public.
The government is hoping to table the long pending Insurance Laws Amendment Bill in the current session of the Parliament to increase the FDI cap in the sector to 49 per cent from the existing 26 per cent.
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