GFIA open letter to the Indian Prime Minister on the Insurance Law Amendment Bill
(Aug. 2, 2013

The Global Federation of Insurance Associations (GFIA) wrote an open letter to the Indian Prime Minister, Dr. Manmohan Singh, urging progress on the Insurance Laws Bill 2008 that, among other provisions, would allow for an increase in Foreign Direct Investment (FDI) from 26% to 49% in Indian insurance company joint ventures.

Also included in the Bill is the authorization to establish reinsurance branches in India, which has long been advocated by the international (re)insurance industry. The 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.

The General Insurance Association of Japan, an active member of the GFIA, has been supporting the introduction of the bill.

The GFIA's letter can be downloaded at the following URL.

GFIA letter to Indian PM.PDF