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Insurance Amendment Bill, 2021
March 23 , 2021
1269 days
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- The Bill amends the Insurance Act, 1938
- It is to increase the maximum foreign investment allowed in an Indian insurance company.
- The Bill increases the limit on foreign investment in an Indian insurance company from 49% to 74%.
- It removes restrictions on ownership and control.
- While control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land.
- Foreign investment in the insurance sector was first permitted in the year 2000 up to 26%.
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