Thursday, October 4, 2012

Cabinet nod for reform. Clears FDI in Pension, hikes cap in Insurance

In a major and bold step towards reform, the Union Cabinet approves FDI in pension and hikes FDI cap in insurance to 49%. Of course these have to be passed in the parliament, which may not be a safe passage.
Official amendments to the Pension Fund Regulatory and Development Authority Bill, 2011
The Union Cabinet today approved the introduction of certain official amendments to the Pension Fund Regulatory and Development Authority Bill, 2011. These official amendments have been necessitated in view of the recommendations of the Standing Committee on Finance which has examined the Bill. Based on the recommendations of the Standing Committee on Finance, the Government has decided to accept the following:

1. that the subscriber seeking minimum assured returns shall be allowed to opt for investing his funds in such schemes providing minimum assured returns as may be notified by the Authority; 

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The Insurance Laws (Amendment) Bill, 2008 - pending in Rajya Sabha
The Union Cabinet today approved necessary official amendments in the Insurance Laws (Amendment), Bill 2008, pending in the Rajya Sabha, with such drafting and consequential changes, if any, in consultation with the Legislative Department.

These amendments are aimed at removing archaic and redundant provisions in the legislations and incorporating certain provisions to provide Insurance Regulatory Development Authority (IRDA) with flexibility to discharge its functions effectively and efficiently. The overall objective is to further deepen the reform process which is already underway in the insurance sector.

The official amendments will be moved in the Insurance Laws (Amendment) Bill, 2008 pending in the Rajya Sabha.

Based on the recommendations of the Standing Committee on Finance, the Cabinet has approved amendments containing the following :

1. The foreign equity cap is proposed to be kept at 49 per cent as provided in the Insurance Laws (Amendment) Bill, 2008 as against the 26 percent. This is done in order to meet the growing capital requirement of insurance companies. 

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