Instead of FIPB, IRDAI can now approve increase in FDI in insurance

Finance Minister Arun Jaitley announced that all 49 per cent of foreign investment limit in private
insurance companies could come through the automatic route. However, management and control of insurance companies would have to be in the hands of Indian entities.The same rules will apply to pension funds because the Pension Fund Regulatory and Development Authority (PFRDA) Act
automatically links the foreign investment threshold in the pension sector with the insurance sector.