FIs TAKE UP INSURANCE GAUNTLET, TO BREW SWADESHI-VIDESHI MIX
Article Abstract:
With the Government of India insisting on 100 percent swadeshi (Indian) participation in the insurance sector, financial institutions (FIs) and banks are planning to apply for licences as soon as the Insurance Regulatory Authority gets the power to issue licences. Six videshi (foreign) firms including Arthur Anderson, Andersen Consultancy and Coopers and Lybrand are getting ready to set up insurance operations for prospective companies on a turnkey basis. Only big oranisations will be able to enter the insurance sector, if the Government prohibits even minority stake by foreign companies. International firms will be allowed to provide technical assistance for the 100 percent Indian insurance companies. FIs like the Industrial Development Bank of India (IDBI), the Industrial Credit and Investment Corporation of India (ICICI), the Unit Trust of India and the Housing and Development Finance Corporation (HDFC) have decided to enter the insurance sector individually. (gs)
Comment:
India: Financial institutions & banks plan to apply for licences as soon as Insur Regulatory Auth gets power to issue licences
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GIC FEARS PROMPT CENTRE TO SHELVE CAPTIVE INSURANCE
Article Abstract:
The government of India has shelved its captive insurance programme under which it had planned to allow domestic corporate houses with global trend to set up insurance companies. The government's move was prompted by General Insurance Company which expressed fears of losing a large portion of its business if big companies were allowed to set up captive insurance companies. The government is also likely to support repatriation of dividends either by putting a cap on the amount or by subjecting it to go through certain norms. (gs)
Comment:
India: Government shelves captive insurance program under which it plans to allow domestic corporate houses to set up insur cos
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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INSURANCE TO BE OPENED TO FOREIGN COs
Article Abstract:
The government has decided to allow foreign equity participation in Indian private sector insurance companies. The foreign participation will be mostly allowed up to 26 percent of the total equity. The move comes in the wake of the deteriorating investment climate after the Pokhran nuclear blasts. The permission is expected to restore investor confidence and send a strong message about the government's commitment to economic reforms. (gsh)
Comment:
India: Government decides to allow foreign equity participation in Indian private sector insurance companies
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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