General Insurance (Business) Amendment Act 2021

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 ....