GFIA supports Indian Insurance Law Amendment Bill

GFIA has written to the Indian Prime Minister to reiterate its strong support for the potential approval of the Indian Insurance Law Amendment Bill.

 

Frank Swedlove, chair of GFIA, said: "The approval of the Indian Insurance Law Amendment Bill would enable closer cooperation between the Indian insurance industry and foreign (re)insurers and GFIA firmly believes that an increase in the FDI cap will provide a sizeable injection of foreign investment in the Indian economy."

 

Also included in the Bill is the authorisation to establish reinsurance branches in India, which has long been advocated by the international (re)insurance industry. GFIA highlighted that this move will have a positive effect on the Indian (re)insurance market, as it will increase competition, enable appropriate risk diversification by insurance companies and thus provide financial stability.

 

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