Foreign Companies in Insurance Sector
The Insurance Regulatory and Development Authority (IRDA) has informed that no foreign company is presently functioning in India. However, foreign companies are allowed as joint venture partners in the Indian insurance industry with a Foreign Direct Investment (FDI) cap of 26 per cent and at present 38 private insurance companies are functioning in India along with their joint venture partners.
This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.
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