No. of Recommendations: 6
Global firms can now own 100% stakes in Indian insurers as part of a sweeping overhaul of the financial sector aimed at attracting more long-term foreign capital.
The government has also said that existing regulations and conditions governing foreign capital in the insurance sector would be reviewed and simplified.
Insurance penetration — the ratio of premiums to gross domestic product — is about 3.7% in India, well below other Asian countries including Thailand, Japan and South Korea, according to data from the local regulator.
bloomberg.com - India allows foreign ownership in insurance to boost sectorAjit Jain, who is from India, may be able to find new opportunities. In the past, they have declined to invest due to regulations and need to have domestic partners.
