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No foreign company in insurance sector: IRDA

Posted on Nov 30, 06:08PM | IBNS

The Insurance Regulatory and Development Authority (IRDA) has informed that no foreign company is presently functioning in India.

This was stated by Minister of State for Finance Namo Narain Meena in a written reply to a question in the Lok Sabha on Friday.

"However, foreign companies are allowed as joint venture partners in the Indian insurance industry with a Foreign Direct Investment (FDI) cap of 26 per cent and at present 38 private insurance companies are functioning in India along with their joint venture partners," the minister said.