It received presidential Assent on 18th August, 2021. It seeks to amend the General Insurance Business (Nationalisation) Act, 1972.
Need for the Bill
The need of the bill arose to push for higher private participation in public sector insurance companies and raise the level of insurance penetration and thereby social protection.
Features
Change in the Definition of General Insurance Business: Now, general insurance would be defined according to the definition provided by the Insurance Act, 1938.
Transfer of Control from the Government: The Amendment provides that the Act of 1972 will not apply to the specified insurers from the date on ....
