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Insurance Foundation laid for long lasting changes

Foundation laid for long lasting changes

Source: Livemint Dec 30, 2015

When we look back, the year 2015 will be one of the most important years for the insurance industry in India. The Insurance Laws (Amendment) Bill, 2015, was finally passed by Parliament. The Insurance Laws (Amendment) Act, 2015, allows for raising the foreign direct investment cap in the insurance sector to 49% from 26%. More importantly, it allows greater power to the Insurance Regulatory and Development Authority of India (Irdai) to fix distributor’s incentives.

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