Chennai, Dec 8 (TIWN) With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India (LIC) is one of the views voiced by industry experts.

The Centre has proposed to amend various provisions of the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999.

The amendments proposed are: allowing composite insurers -- one insurer selling life and non-life insurance policies; enabling the insurance regulator to fix the minimum capital required and scrapping the statutory limits; changes in the investment norms; allowing different kinds of insurers including captives and others.