The Insurance Regulatory and Development Authority of India favors allowing 100% foreign ownership in the country's insurance intermediaries, the Press Trust of India reported, citing sources.

The government is evaluating whether to allow 100% foreign ownership in insurance brokers. IRDAI is of the view that the increase in ownership should be extended to insurance intermediaries, such as aggregators and third party administrators.

The government currently caps foreign ownership in the insurance sector at 49%.