India plans insurance law changes for unified licence, hiking FDI limit, sources say

India is planning to introduce changes to its insurance laws, including provisions for unified licenses and higher foreign direct investment (FDI) limits. The proposed reforms aim to simplify regulatory processes, encourage foreign participation, and foster competitiveness in the insurance sector. A unified license would allow insurers to offer multiple products under a single framework, streamlining operations and reducing compliance costs. Increasing FDI limits is expected to attract global insurers, promoting innovation and capital inflows. These reforms align with the government’s broader goals of financial inclusion and market expansion. The proposed changes underscore India’s commitment to modernizing its financial systems and enhancing the insurance industry’s role in driving economic growth.