India's insurance sector News

Irdai chief T S Vijayan also laid a premium on insurers making their policies simple and affordable for a wider reach so that these are availed by the needy and the uncovered.

Insurance regulator Irdai has launched a web portal for insurers that will allow them to register and sell policies online.  

The government is considering allowing 100 percent foreign direct investment in insurance broking with a view to giving a boost to the sector and attracting more funds.

Foreign direct investment in the insurance sector more than doubled to USD 341.43 million during March-September this year, Parliament was informed Wednesday.

HDFC on Friday said it will sell 9 percent stake in HDFC Life to its British joint venture partner Standard Life for a little over Rs 1,700 crore.

A leading business body in the US has hailed passage of the Insurance Laws (Amendment) Bill in India that raises the FDI cap to 49 percent, saying such a legislation would promote investment, create jobs and increase financial stability.

Hopes of increase in insurance FDI today pushed the share prices higher for the companies with interest in the insurance sector, with Max India leading the charts with over 11 percent gains.

Formally called the Insurance Laws (Amendment) Bill, it seeks to replace an ordinance that was promulgated earlier.

The controversial Insurance Bill, a key reform legislation, Wednesday cleared the Lok Sabha hurdle easily but the problem of numbers in Rajya Sabha prompted the government to say that it will convene Joint Session if it is defeated in the Upper House.

Lok Sabha on Wednesday passed the Insurance Bill to replace an ordinance in this regard.

A key economic reform bill, providing for raising the FDI cap in insurance sector to 49 percent, was introduced in Lok Sabha Tuesday amid stiff opposition by Left and TMC.

The Indian government seems to have overstepped its boundary on extending foreign direct investment (FDI) limits for insurance intermediaries, industry experts say.

The government's approval to key insurance and coal sector reforms will help attract much-needed investments, boost domestic manufacturing and usher in transparency and fair play, industry said on Wednesday.

Moving at rapid pace, the Union Cabinet on Wednesday approved key insurance and coal sector reforms which were stuck in Parliament logjam.

With the government pushing key reform measures like insurance and coal block allocation, Finance Minister Arun Jaitley on Wednesday said the country cannot wait even if one of the Houses of Parliament "waits indefinitely".

Government on Wednesday approved promulgation of an Ordinance to hike Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from 26 percent, as the legislation could not be passed in the Parliament session that ended yesterday.

Addressing a press conference in the national capital, the Finance Minister said that insurance ordinance is in line with select committee recommendation.

The Insurance Bill seeks to increase the composite foreign investment limit in insurance companies to 49 percent from current level of 26 percent.

Government may adopt the ordinance route to push reforms in insurance and coal sectors as relevant bills could not be taken up in the Rajya Sabha, whose functioning was paralysed in the just-concluded winter session.

The insurance amendment bill is likely to be tabled in the Rajya Sabha Tuesday.