February 11, 2025
Mausam Noor’s supplementary question on, with regard to 100% FDI in the insurance sector, whether the government has any provisions for minimum reserve requirements for foreign companies and whether there are any safeguards against the collapsing of such companies
Sir, in the proposed Union Budget, 2025-26, the Government has announced a plan to allow 100 per cent Foreign Director Investment in the insurance sector. Currently, the insurance sector is regulated under the IRDAI and governed under the IRDAI (Protection of Policyholders’ Interests) Regulations, 2017. I would like to ask the hon. Minister: Will any special regulations be made by the Ministry with regard to the minimum reserve requirements or will any provisions be made for appropriation of overseas funds of foreign insurance companies in the event that they collapse and lose the money of Indian policyholders?
Share:
