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New Delhi: The Insurance Amendment Bill, which proposes 100% foreign direct investment in the sector among other liberalisation measures, will be introduced after a nod from the highest level, people aware of the development told ET. The government may want to push the Banking Laws Amendment Bill through before taking up the insurance amendment bill, they said. “The draft bill is ready, and once the final approvals are received, it will be presented to the cabinet and then accordingly listed in Parliament,” a government official told ET.
The bill proposes to raise the FDI limit to 100% from 74%, lower capital requirements besides introducing a composite licence for companies to offer life, non-life, and health products. Earlier this month, Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda had made a case for 100% FDI in the sector, arguing that much capital is needed to achieve the goal of “insurance for all” by 2047. Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI for Everyone: Understanding and Applying the Basics on Artificial Intelligence By - Ritesh Vajariya, Generative AI Expert View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Marketing Digital Marketing Masterclass by Neil Patel By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development C++ Fundamentals for Absolute Beginners By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Finance Crypto & NFT Mastery: From Basics to Advanced By - CA Raj K Agrawal, Chartered Accountant View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Leadership Crafting a Powerful Startup Value Proposition By - Dr.
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The ministry, while inviting comments, had noted that the aim is to enhance efficiencies in the insurance industry—operational as well as financial—and enable ease of doing business. “The proposal includes various measures such as opening up registration to various classes, sub-classes, and types of insurers with appropriate minimum capital requirements as specified by (sector regulator) IRDAI,” the ministry had said, adding that this is being done in view of the changing needs of the insurance sector . The proposed amendments also focus on enhancing the financial security of policyholders, promoting their interests, improving returns to them, and facilitating the entry of more players in the insurance market, bolstering economic growth and employment generation.
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