Finmin plans to introduce Insurance Amendment Bill during monsoon session

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Finmin plans to introduce Insurance Amendment Bill during monsoon session - Business Standard

Quick Summary:

The Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, may be introduced in Parliament in the upcoming monsoon session, sources said.

The draft bill is ready and will be placed before Cabinet for its approval soon, sources said, adding, after Cabinet nod the Department of Financial Services under the finance ministry would begin the process for introduction of the Bill in the Parliament.

Finance Minister Nirmala Sitharaman in this year's Budget speech proposed to raise the foreign investment limit to 100 per cent from existing 74 per cent in the insurance sector as part of new-generation financial sector reforms.