Friday 05, October, 2012 The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that the industry requires over the next five years, Insurance Regulatory and Development Authority has said. A day after the Centre announced its decision to allow up to 49% Foreign Direct Investment in insurance, Irda Chairman J Hari Narayan said the move was essential as inflows are necessary for the sector to grow at 11 to 12%. "It (the FDI) will give boost to the insurance sector. And it is required any way. Otherwise, we don't have required capital for the insurance sector," Hari Narayan told PTI...
Friday 05, October, 2012 All India Insurance Employees Association today strongly opposed Centre's decision to increase FDI in insurance sector to 49 per cent and to disinvest the public sector general insurance companies. These moves, through major amendments to the Insurance laws, are against the interest of the national economy and against interests of the people whose savings are involved in insurance and pensions, the association said. Increase in FDI in insurance would lead to increased control of FDI over savings of the people of India, it said in a statement here....
