Washington–Insurance companies and trade groups in Europe and North America have called on India's Minister of Commerce to support an increase of the cap on direct foreign investment in Indian insurance companies.
In a letter, the groups, including the American Insurance Association, the American Council of Life Insurers, the Association of British Insurers and companies including MetLife and Sun Life Financial, expressed concern to Indian Commerce Minster Kamal Nath that the cap on direct foreign investment will not be raised from 26 percent to 49 percent in the country's revised services offer to the World Trade Organization.
The increase, the groups note, is supported by India's Finance Minister and the Insurance Regulatory and Development Authority.
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