Six insurance firms (including life and non-life) have approached Foreign Investment Promotion Board (FIPB) to seek approval to hike FDI to 49%, said Nilesh Sathe, Member-Life, IRDAI.
He was speaking to reporters on the sidelines of CII Financial Distribution Summit in Mumbai.
Also, he urged insurers to go public. “There should be involvement of retail investors in IPOs of insurance firms. If retail investors subscribe to IPOs of insurance firms, there will be pressure on the companies in all forms – on the uneconomical products they are running and on the expenses of management. Retail investors will start questioning insurance firms,” said Sathe.
Also, Sathe said that IRDAI has received proposals from several reinsurance companies to open branches in India.
Cafemutual is the online media partner for CII Financial Distribution Summit 2015.