India: Government proposes hiking foreign direct investment limit in insurance
Posted On: Jul. 8, 2014 12:00 AM CSTIndia's new government is looking at increasing the foreign direct investment cap in the insurance sector to 49%, from the existing 26%, with a rider that voting right of the foreign partner will be restricted at 26%, The Times of India reported.
Additionally, the government has proposed that Indian shareholders appoint the chief executive of the insurance joint venture, subject to regulatory approvals.