Introduced as a part of the Finance Budget on 15th March in the Rajya Sabha, the Insurance Amendment Bill 2021 came into effect from April 1st, 2021.
Controversy ensued since the last time the FDI limit was hiked, the change took 7 years to be finally approved by the Parliament in 2015 while this time it was made a part of the finance budget, for the first time, to be approved within a month.
Key Highlights: Foreign investment: It had amended the Insurance Act, 1938 to increase the maximum foreign investment allowed in an Indian insurance company from 49% to 74%, ....
