Insurance (Amendment) Bill, 2021
- Introduced by Minister of Corporate Affairs, Ms. Nirmala Sitharaman, on March 15, 2021.
- Amendments the Insurance Act, 1938, regulating the relationship between insurers, policyholders, shareholders, and the Insurance Regulatory and Development Authority of India.
- Increases maximum foreign investment allowed in Indian insurance companies.
- Allows foreign investors to hold up to 49% of the capital in an Indian insurance company.
- Insurers must maintain a minimum investment in assets to discharge insurance claim liabilities.
- Assets must be held in India in a trust and vested with Indian trustees.
- Explanation for insurers incorporated in India with at least 33% capital owned by investors domiciled outside India or 33% of the governing body members domiciled outside India removed.
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