Parliamentary Panel Recommends 49% Cap on Foreign Investment in Insurance

New Delhi: A parliamentary committee has recommended a composite cap of 49 per cent on foreign investment in insurance in a report tabled in the Rajya Sabha on Wednesday.

The select committee report said that the cap on foreign investment in insurance include foreign direct investment and foreign portfolio investments.

Finance Minister Arun Jaitley said in his maiden budget speech in July that the "composite cap" in the insurance sector should be increased to 49 per cent from the current level of 26 per cent, with full Indian management and control.

Copyright: Thomson Reuters 2014