IRDA rules out special provisions for SEZ

NEW DELHI: Insurance regulator Insurance Regulatory Development
Authority (IRDA) on Thursday ruled out any special provisions, including
increased FDI limits, for Special Economic Zones (SEZs).

"There is no need for higher FDI limit in SEZs. Whatever is there should
be applicable for the whole country," CS Rao, chairman of IRDA said.
"SEZs are very small clusters and there is no need to treat them
separately," he said.

Rao said the country had good insurance service providers and the
world's major players were also already present. "We have good players
and they are in a position to provide whatever services are required in
SEZs," he said. The regulator denied that there was any move to allow
100 per cent FDI in these zones.

"What IRDA has recommended s 49 percent... We can't have a separate SEZ
insurance company," he said.
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