News From Press Rajya Sabha passes bill to increase FDI limit in insurance sector to 74%

Rajya Sabha passes bill to increase FDI limit in insurance sector to 74%

Under the new structure, the majority of directors on the board and key management persons would be resident Indians, with at least 50% of directors being independent directors

Mint Mar 19, 2021

Rajya Sabha on Thursday passed Insurance (Amendment) Bill 2021 to increase the foreign direct investment (FDI) in the insurance companies from existing 49% to 74%. Finance minister Nirmala Sitharaman announced to increase the FDI limit in insurance sector from 49% to 74% in Budget 2021. Earlier in the month, Union cabinet gave its nod for amendments in the Insurance Act.

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