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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (3281)	11/24/1998 8:36:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

Insurance, patents reforms cleared Our Economy Bureau in New Delhi The Union cabinet Monday threw open the insurance business to private participation, pegged foreign equity participation at 40 per cent and approved the much-awaited Insurance Regulatory Authority of India (IRAI) Bill. The Bill, which accords statutory recognition to the IRAI, is to be placed in Parliament in the winter session, which begins on November 30. Officials said the government had taken care to insert several safeguards, including pegging the net worth of the private insurance ventures at a minimum level of Rs 100 crore and not permitting repatriation of insurance premiums earned by these companies in India. At a meeting that lasted a little over an hour, the cabinet accepted the recommendation of the group of ministers (GoM) on insurance that foreign insurance companies be allowed up to 26 per cent equity in domestic insurance companies. Non-resident Indians, overseas corporate bodies and foreign institutional investors have been allowed to hold the balance 14 per cent stake in the ventures. The move, welcomed by potential foreign insurance players, seeks to give a big push to the country's liberalisation programme and remove the shackles on the insurance sector. Officials believe it will help harness long-term funds for infrastructure projects with long gestation period....... biz.yahoo.com