Foreign partners in the Indian insurance companies operate in an “extremely uncertain” environment due to snake and ladder like laws governing the sector, the US Trade office said.
While an Insurance Laws (Amendment) Bill is pending with the Standing Committee of Parliament for increasing the foreign investment in insurance joint ventures to 49(%) per cent, an existing regulation requires that after completing 10 years of operation, overseas investment in such companies would have to be brought back to 26(%) per cent.
Several of the insurance joint ventures, including Reliance Life are about to complete 10 years of operations in India. Whereas HDFC Standard Life has already completed a decade of business here.
INDIA’S high commissioner, Sujatha Singh, will return to Delhi for talks next week amid rising diplomatic tension over attacks on Indian students in Australia. Mrs Singh made a stinging complaint to the Governor-General, Quentin Bryce, over the attacks in Melbourne, labelling Victoria a state ”in denial” over the severity of the problem….. She praised police action in NSW, Queensland and South Australia but said Victoria was taking too long to respond. Word of the envoy’s return came after India’s External Affairs Minister, SM Krishna, issued a strong statement on the attacks, demanding they be “stopped forthwith”. Mrs Singh will travel to Delhi to explain her perspective on the violence, which threatens to seriously damage relations between the nations….. On Monday, India’s main opposition party, the Hindu nationalist Bharatiya Janata Party, met Mr Krishna to demand a tougher stance towards Australia. ”We told him that steps taken by the government so far have proved to be ineffective,” said a BJP leader, Sushma Swaraj. The Victorian Premier, John Brumby, yesterday attacked sections of the Indian media and government over their portrayal of attacks on Indians. Mr Brumby’s comments came after police alleged an Indian man who had said he was set on fire in an unprovoked attack had burned himself while setting alight his car for a false insurance claim. www.smh.com.au Responding to her remark, Brumby said he would again seek a meeting with her to assure that his …
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