1998 The cabinet decides to allow 40% foreign equity in private insurance companies – 26% to foreign companies and 14% to non-resident &investors (FIIs) 1999 The Standing Committee headed by Murali Deora decides that foreign equity in private insurance should be limited to 26% The IRA Act was renamed as the Insurance Regulatory and Development Authority (IRDA) Act 1999 Cabinet clears IRDA Act 2000 President gives assent to the IRDA Act 5/25/20158
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