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New Delhi, Oct 9: order closure of foreign branches of insurers, but also opening of such offices outside India,” the GoM, under external affairs minister Pranab Mukherjee, said at its meeting held early last month after clearing the Bill.
The GoM had cleared raising the foreign direct investment cap in the insurance sector from 26% to 49%. The Bill would now go to the Cabinet before it is introduced in the coming session of Parliament starting October 17. Irda would now have the powers to order both the closure and opening of businesses outside India. Accordingly, certain provisions (34G) in the Insurance Act, 1938, which provide the Irda with the powers to order closure of branches abroad would be deleted and necessary amendments would be made to Section 64VC of the Act that would empower the Irda to decided on opening of new insurance branches abroad....
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