wordpress blog stats
Connect with us

Hi, what are you looking for?

PolicyBazaar Exceeds FDI Limits For Web Aggregators; Insurance Regulator Rethinks Clause

(by NT Balanarayan & Nikhil Pahwa) PolicyBazaar, possibly the largest web insurance aggregators in India has exceeded the FDI limit of 26% set by the Insurance Regulatory and Development Authority (IRDA) recently: As much as 38% of Policybazaar is owned by foreign investors, and in an email to MediaNama (in response to our story last week), Policybazaar founder Yashish Dahiya called this change in policy a "killer", saying that "There are two killers though. One 26% FDI, who will invest if FVCI's cannot, we are already at 38%. Insurers are already barred. The 2nd and one you have missed is, every three years, even if you apply for renewal in time, if the IRDA cannot approve your licence in time, you will need to stop business. If these two can change, we will survive and grow." PolicyBazaar had raised $5 million last year from investors including Inventus Capital. Apart from foreign investors, they also have funding from Info Edge (Naukri). The Insurance Laws (Amendment) Bill 2008, which seeks to raise FDI cap in the sector from 26% to 49%, was cleared by Union Cabinet through automatic route, but is still had to be cleared by the Parliament. This was expected to happen during the winter session last year, but it was never discussed in detail. A few members of the house raised concern over passing this bill and it's not clear when it'll be brought up again. IRDA Rethinks FDI On the 10th of January 2013, however, IRDA issued a notice where it said that…

Please subscribe/login to read the full story.
Written By

I'm passionate about technology and gaming. You can follow me <a>@chupchap</a>

Free Reads

News

With GPS in every car, India's toll collection is going high-tech.

News

Google is currently undergoing the necessary procedures for the leasehold land, which is presently under the ownership of the Maharashtra Industrial Development Corporation.

News

The pilot project for which is being launched in 19 cities this year, with a plan to launch a full-fledged rollout next year.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ