Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.
The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014,[1] and further increased to 74% in May 2021.[2]
- ^ "FDI Limit in Insurance sector increased from 26% to 49%". IANS. news.biharprabha.com. Retrieved 10 July 2014.
- ^ Dhoot, Vikas (21 May 2021). "FDI Limit in Insurance sector increased from 49% to 74%". IANS. thehindu.com. Retrieved 21 May 2021.
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