The Insurance Laws (Amendment) Act, 2015

The long overdue Insurance Laws (Amendment) Act, 2015 was enacted on 23^rd March, 2015, by the Indian government. The amendment was first presented before parliament as far back as 2008, but failed to get traction because of the legislative log-jam in the intervening years.

• The amendment also underwent a few material changes since it was first introduced, such as the prescription for Indian control over insurance joint ventures. However, the head-line objective of increasing the ceiling on foreign investment from 26% to 49% has been achieved.
• The passage of the Act thus paved the way for major reform related amendments ....