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Insurance sector seeks 49 per cent FDI
New Delhi,
February
18, 2008
The insurance sector has demanded a hike in foreign direct
investment (FDI) limit from the present 26 per cent to 49 per
cent and exemption of service tax for health insurances.
"For the growth of the insurance sector, the FDI cap of 26 per
cent should be increased to 49 per cent. This will help to
further deepen the Indian insurance market," Unison Insurance
Broking Services' Managing Director, B K Sinha, told the news
agency on the sidelines of an insurance seminar today.
"The Government should also consider exemption of service tax
for health insurance, which will give more penetration at
lower levels," Sinha said.
IRDA's move to detarrif the general insurance business, means
that the pricing of the insurance policies are left to the
individual insurance companies concerned, was a welcome step.
"With a conducive policy and encouragement from the
authorities, the insurance sector too will surely see
innovation of products/pricing and improved service," Bajaj
Allianz's CEO, Swaraj Krishnan, said while addressing the
seminar on Detariffing in General Insurance Sector.
"India was somewhat immune to the global underwriting cycle.
With free pricing, insurers' ability to assess and rate the
risk is of paramount importance," Krishnan said.
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