Foreign Direct Investment (FDI) increase in the insurance sector | UPSC CURRENT AFFAIRS |

Foreign Direct Investment (FDI) increase in the insurance sector: Current Affairs 

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Foreign Direct Investment (FDI) increase in the insurance sector.

Relevance: Economy

Context: Rajya Sabha passes Bill to raise the FDI limit in the insurance sector.

More about the news:

  • The Insurance Amendment Bill 2021 that increases the maximum foreign investment allowed in an insurance company from 49% to 74% was passed by Rajya Sabha.
  • To raise the foreign direct investment (FDI) limit, the Finance Ministry said insurance companies are facing liquidity pressure and the higher limit would help meet the growing capital requirement.
  • Definition of ‘control’ of the insurance company with the hike in FDI limit, Ministry said control means right to appoint a majority of directors, control the management of policy decisions including under their shareholding or management right or shareholder agreements or voting agreements.
  • By raising the FDI limit to 74 per cent, the current provision of control being vested with Indian companies had to be dropped.

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