India plans draft bill to raise foreign investment limit in insurance to 100%
The finance ministry plans to present a draft bill to the cabinet that would increase foreign direct investment in the insurance sector to 100%, up from the current 74%. This includes a proposal for a unified license for insurers. The bill aims to remove restrictions on key personnel appointments and dividend repatriation. It also seeks to eliminate the ₹100 crore minimum paid-up equity capital requirement for insurance businesses. This proposal follows a previous increase in the FDI limit from 49% to 74% in 2021. The bill will amend several existing laws, including the Insurance Act of 1938 and the Life Insurance Corporation Act of 1956.