The General Insurance Business (Nationalisation) Amendment Bill, 2021 now aims to provide greater private participation in the public sector insurance companies.
The Insurance Laws (Amendment) bill, 2015, seeks to replace an ordinance issued by the government earlier, which had come under sharp attack from various quarters. The bill seeks to amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999.