Pwc Joydeep Roy News Today : Breaking News, Live Updates & Top Stories | Vimarsana

ISSUE DATE: March 22, 2021
UPDATED: March 14, 2021 11:09 IST
Illustrations by Tanmoy Chakraborty
The Modi government is not looking to divest stake in Life Insurance Corporation (LIC) purely as a fiscal measure; it has also announced far-rea­ching reforms in the insurance sector in Budget 2021. Finance minister Nirmala Sitharaman proposed hiking the foreign direct investment (FDI) limit in the domestic insurance sector from the current 49 per cent to 74 per cent, a move that would attract additional capital and help insurers maintain adequate solvency margins and invest in technology and product innovations.
The government also plans to privatise one of the five general insurance companies. The Centre has said that 50 per cent of company boards (under the new FDI norms) will be independent directors, and all key people will be Indians. A specified percentage of the profits of the insurance JV will also be retained as a general reserve. ....

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