India’s cabinet has approved sweeping changes to atomic energy laws and fully opened the insurance sector to foreign investors, two government sources said on Friday, key policy moves aimed at attracting billions of dollars in two critical sectors.
India, which plans to expand nuclear power capacity 12-fold by 2047, is relaxing rules to end a decades-old state monopoly and overcome a stringent liability provision to allow private participation and attract foreign technology suppliers.
The changes in the nuclear sector are part of the push to boost nuclear capacity to 100 gigawatts by 2047 as India looks to cut coal dependence and meet climate commitments. In the insurance sector, the government has proposed removing the cap on foreign ownership of Indian insurance companies, currently set at 74%.
To qualify for 100% foreign direct investment, at least one of a company’s chair, managing director or chief executive would have to be an Indian resident, a third government source said.
The government has also dropped an earlier proposal for an unified license for insurance companies, the source said.
A unified, or composite, license would have allowed insurers to provide life, general and health insurance under a single entity.
Currently, life insurers cannot sell products such as health insurance, while general insurers can only sell products ranging from health to marine.
The government felt that Indian insurance companies are not yet equipped to have a composite license regime, the source said.
Both changes to laws are listed for approval in the ongoing winter session of parliament.
“It’s no secret that Florida is at the epicenter of the national home insurance crisis,” said Lizzy Price, a spokesperson for the Insurance Fairness Project.”High costs are hurting people, and in some cases even forcing them to leave the state.”
At least 61% of Floridians polled said they were concerned about hurricanes gaining in strength and causing storm surge in coastal areas.
The FAU survey echoes the results of a July survey by the University of Florida, which that the top issue facing Florida today is property insurance – ranking above housing costs, immigration, the economy, and property taxes, the Insurance Fairness Project noted.