Insurance in India covers both public and private sector organisations. It is listed in the Seventh Schedule of India's Constitution as a Union List subject, meaning it can only be legislated by the Central government.[1]
The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014,[2] and further increased to 74% in May 2021.[3]