registrationThis service is temporary unavailable due to system maintenance. Please try again later.The username entered is already associated withanother account. Please enter a different usernameThe email address you have entered is already in use.Please re-enter the email address.Prakash Singh/Agence France-Presse/Getty ImagesA reflection of the Indian Parliament, New Delhi, Aug. 23, 2011.Name: The Insurance Laws (Amendment) Bill, 2008Aim: Among other things, the bill would allow foreign investors to own up to 49% in local insurance companies, up from 26% currently.It would also create rules that would allow foreign companies to invest in reinsurance companies, which are basically firms that insure insurance companies.Why it is important: Companies in India’s nascent insurance industry are eager to get more foreign capital to grow their businesses.India has 24 life insurance companies, and 27 general insurance companies, majority of whom have a foreign partner.However, many of these companies, particularly in the life insurance sector, haven’t made any money since they were founded seven or eight years ago.The companies say if they could raise fresh capital from overseas partners and use that to expand, they could become profitable sooner.Who it affects? Insurance companies which have foreign ownership expect to get more foreign capital if the bill is passed,cheap toms.Foreign companies such as the U.K. s Standard Life PLC and Prudential PLC, Germany s Allianz SE and MetLife Inc. of the U.S. are among the companies which operate in India. If they beefed up their Indian units, it could threaten the dominance of state-run companies in India’s insurance sector.At present, Life Insurance Corp of India has more than two-thirds of the life insurance market, while four state-run firms control more than half the non-life insurance market,cheap toms shoes.Meanwhile, foreign reinsurers such as Munich Re Swiss Re and Berkeshire Hathaway, which have liaison offices in India, could consider expanding their business here.What changes? If implemented, the bill would make it easier for insurance companies to raise capital, both from foreign and domestic investors.Currently, India’s four state-owned general insurance companies are not allowed to raise capital from India’s stock market. The bill would allow them do so.The bill could also help grow India’s reinsurance industry which currently has only one player – state-owned General Insurance Corp. The bill would allow GIC to raise funds from public markets.In addition, the bill could help trigger fresh investments in health insurance. It would recognize health insurance as a separate business, as opposed to the current practice, where health insurance is sold as just another product by general insurance companies. This change could attract new companies, such as health insurer Aetna Group of the U.S., to enter India.Criticism: Opposition parties are against allowing higher foreign investment in insurance companies,cheap toms shoes, but are open to allowing insurance companies raise capital from th Related articles:

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