American Property Casualty Insurance Association Applauds India's Insurance Reforms

CHICAGO, Illinois, Feb. 2 -- The American Property Casualty Insurance Association issued the following statement:

Steve Simchak, head of international, department vice president at the American Property Casualty Insurance Association (APCIA) issued the following statement applauding the announcement by India's Finance Minister to liberalize India's insurance investment rules by increasing the foreign ownership cap to 74 percent from 49 percent and addressing regulations that limit foreign control of their ownership in Indian insurers. The announcement was included in the Finance Minister's Union Budget Speech.

"APCIA applauds this significant announcement by India's Finance Minister Sitharaman.

"We have long advocated for additional opening of India's insurance sector.

"This will provide opportunities for U.S. insurance groups, support employment in the U.S. and in India, offer expanded insurance access to Indian citizens and businesses, and support economic growth and stability.

"We look forward to learning more about the Government of India's plans for implementing the reforms."