General Insurance (Business) Amendment Bill 2021

On 11th August, 2021, the Parliament passed the General Insurance Business (Nationalisation) Amendment Bill, 2021.

It seeks to amend the General Insurance Business (Nationalisation) Act, 1972.

Need

  • According to the government, the need arose to address such matters as-
    • push for higher private participation in public sector insurance companies;
    • raise the level of insurance penetration and thereby social protection;
    • secure the interests of policyholders in a better manner; and
    • contribute to faster growth of Indian economy.

Salient Features

Government Shareholding Threshold

  • As per 1972 Act, it requires that shareholding of the central government in the specified insurers (the above five companies) must be ....
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