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Ministry proposes issuance of composite licenses for insurers

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India’s Finance Ministry has proposed statutory changes to permit the issuance of composite licenses to insurers that would allow them to sell multiple lines of insurance without seeking separate licenses for each line, Asia Insurance Review reported citing Business Standard. They would qualify for a compositve license if they meet minimum capital requirements: a paid-up equity capital of 1 billion Indian rupees ($12.3 billion).

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