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Insurance Amendment Bill 2024
December 12 , 2024
3 days
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- It aims to amend the Insurance Act 1938, the Life Insurance Corporation Act 1956, and the Insurance Regulatory and Development Authority Act, 1999.
- This new Insurance Amendment Bill, proposes 100 per cent FDI in the insurance sector.
- The FDI limit in Indian insurance companies will be raised from 74 per cent to 100 per cent.
- The requirement of net-owned funds for foreign re-insurers is also proposed to be reduced from Rs 5,000 crore to Rs 1,000 crore.
- Currently, there are 25 life insurance companies and 34 non-life or general insurance firms in India.
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