Insurance intermediaries who receive disproportionately high commissions are likely to see a decline in their payouts, post the new Insurance Amendment Bill. The new Bill gives the Insurance Regulatory & Development Authority of India (Irdai) the power to disgorge unlawful gains made by insurers and intermediaries as well as the right to limit commissions paid to intermediaries.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
The government is committed to ensure clearance of the Insurance Amendment Bill, which is expected to allow a higher foreign direct investment in the country's insurance sector, a central government minister said.
In the video footage, marshals can be seen forming a human shield to block Opposition MPs from going towards the Chairman's podium.
A bill to increase foreign direct investment (FDI) in the insurance sector from 49 per cent to 74 per cent was approved by Parliament with the Lok Sabha giving green signal to the legislation by a voice vote on Monday.
A cross-gender staff deployment -- female officers where male MPs were protesting and male officers where female MPs were protesting -- was made. But this did not deter the MPs belonging to a cross-section of opposition parties -- from the Congress to the Left to the TMC and to the DMK.
The Rajya Sabha on Thursday approved a bill to raise the foreign investment limit in the insurance sector to 74 per cent, with Finance Minister Nirmala Sitharaman saying while control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land.
The government on Friday approved the much-awaited comprehensive insurance bill, which seeks to raise foreign direct investment cap in private sector to 49 per cent from 26 per cent, and said it would be tabled in the Parliament in December.
The session started on January 29 and was originally slated to end on April 8 but several members had urged Speaker Om Birla to end the session earlier as they focus on electioneering for the five assemblies.
Foreign investment capped at 49 per cent.
The sector faces many challenges and calls for prompt corrective action.
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Foreign investment cap in insurance sector raised to 49 per cent.
Government floor managers are busy talking to Opposition members to resolve the stand-off over Minister Sadhvi Niranjan Jyoti's remarks, in the Rajya Sabha.
The 30-share Sensex ended 271 points higher to end at 28,930 and the 50-share Nifty climbed 76 points to close at 8,776.
A key government official involved in initiatives to make doing business in the country easier said improving the ranking to 50th in a year was not possible but the country could certainly do that over two years.
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