Assocham
Insurance/Finance Insurance sector will welcome hike in FDI cap, says IRDA chief Mumbai : September 24,2012 The insurance industry needs big investments for growth in the coming years and will welcome hike in FDI cap, sectoral regulator IRDA said on Monday. The industry needs a lot investment for future growth, Insurance Regulatory Development Authority (Irda) Chairman J Hari Narayan said to a query on the sidelines of an Assocham summit in Mumbai. “So, we will welcome the steps to increase the FDI in insurance sector,” he added. Foreign Direct Investment in the insurance sector is capped at 26 per cent. With the government taking policy reform initiatives last week, especially allowing FDI in multi-brand retail and aviation sectors, there is expectation that the limit in the insurance industry may be raised. Mr. Hari Narayan also said IRDA is mulling to follow the lead insurance model based on geography, which is followed by the banking industry known as ‘le...