Parliamentary committee recommends 49% cap on foreign investment in insurance

The FDI cap is currently 26% for the sector

A parliamentary committee has recommended a composite cap of 49% on foreign investment in insurance in a report tabled in the Rajya Sabha on Wednesday.

The select committee report said that the cap on foreign investment in insurance include foreign direct investment and foreign portfolio investments.

Finance Minister Arun Jaitley said in his maiden budget speech in July that the "composite cap" in the insurance sector should be increased to 49% from the current level of 26%, with full Indian management and control.