Insurance regulator IRDAI has approved as many as 16 proposals amounting to Rs 14,591.9 crore as foreign investment, Parliament was informed. “Post notification of the Insurance Laws (Amendment) Act, 2015, IRDAI has approved 16 proposals amounting to Rs 14,591.89 crore as foreign investment in the insurance sector,” Minister of State for Finance Jayant Sinha said in a written reply in the Rajya Sabha.
The Insurance Laws (Amendment) Act, 2015, provides for an increase of foreign investment cap in an Indian insurance company to 49 per cent from 26 per cent with the safeguard of Indian ownership and control, he said.
