Keenly Watching Developments Over Insurance Bill: Metlife

Srinagar: Insurance giant Metlife has said it is "watching with interest" developments over the legislation to hike foreign investment cap in India's insurance sector from 26 per cent to 49 per cent.

"We are watching with interest as the bill (to lift the FDI cap in India) passes through the processes. We will work our position when there is clarity... Metlife sees India as an attractive market," Metlife Asia president Christopher Townsend told reporters in Srinagar on Thursday.

The Insurance Amendment Bill is pending passage in Parliament as several opposition parties, including Congress, are opposing the Bill in its present form.

Townsend said Metlife is encouraged by the Centre's approach in lifting the FDI cap in insurance sector.

"We are encouraged by the government's approach in terms of lifting the FDI cap. India is an attractive market," he said, adding, "It (India) is an under-insured market. The insurance market overall lacks capital."

Mr Townsend was here to launch a joint corporate social responsibility (CSR) initiative with Jammu and Kashmir Bank and CRY (Child Rights and You).

The initiative is expected to benefit over 14,000 under-privileged children in five districts of Kashmir.