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Rajya Sabha member Murli Deora has asked the Government to consider raising foreign direct investment in insurance sector to 74 per cent to boost foreign exchange reserves and increase insurance penetration.
In a letter to Finance Minister Arun Jaitley, the former petroleum minister said, “I am sure you will take up this issue urgently to increase the FDI into insurance companies from 26 per cent, which is one of the lowest in the world.”
“Given the passage of time, maturity of the insurance sector, emergence of strong insurance regulator IRDA and still low penetration of insurance, it is appropriate we consider the issue of higher FDI of 74 per cent in insurance… “
He said an increase in FDI is much needed for the insurance sector to bring in capital, increase industry’s competitive levels and to help bring in the vision of providing universal access and risk coverage to all segments.
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