100% FDI in insurance intermediary

The department for promotion of industry and internal trade (DPIIT) has notified the government’s decision to allow 100 per cent foreign direct investment (FDI) in insurance intermediaries.

Intermediary services include insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors.

The FDI policy earlier allowed 49 per cent foreign investment in insurance, which included intermediaries. In its press note, the DPIIT said 100 per cent FDI is allowed in insurance intermediaries under automatic approval route.