Finance Minister P Chidambaram on Monday asked State-owned insurance companies to improve their market share, which currently stands at 53 per cent.
Public sector general insurance companies should ensure that no further market share is lost and the current level of 53 per cent is maintained and steadily improved upon, Chidambaram said during a review of insurance firms.
Besides, the Finance Minister evaluated the status of recent initiatives and the road map for growth, according to an official statement.
There were deliberations on the need to set up institutional arrangements for investigation and prosecution of insurance fraud and create a legal basis for it through amendments to statutes.
"Broadly, progress was discussed...Some issues still pending are to be addressed. So basically their performance was reviewed," Financial Services Secretary G S Sandhu said after the meeting.