Insurance Amendment Bill News: Insurance Amendment Bill: Parliament approves General Insurance Business Nationalization Amendment Bill, Parliament approves General Insurance Business Nationalization Amendment Bill

Insurance Amendment Bill News: Insurance Amendment Bill: Parliament approves General Insurance Business Nationalization Amendment Bill, Parliament approves General Insurance Business Nationalization Amendment Bill

RAJYASABHA

Lok Sabha has already passed this bill&nbsp

New Delhi: The Rajya Sabha on Wednesday approved the ‘Ordinary Insurance Business (Nationalisation) Amendment Bill, 2021’ which will pave the way for facilitating more private participation in public sector insurance companies. Members of various opposition parties moved the bill. Opposed the passage and demanded that it be sent to the Select Committee of the House. But the House rejected his request.

Lok Sabha has already passed this bill. The General Insurance Business (Nationalisation) Act is being amended through this bill. The Act came into force in 1972 and provided for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurance companies to better meet the needs of the economy through the development of general insurance business. .

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The objectives and reasons for the Bill are to provide for greater private participation in public sector insurance companies, increase insurance access, better protect the social protection and interests of policyholders and contribute to the rapid growth of the economy. For this it became necessary to amend some provisions of the Act. Accordingly, the General Insurance Business (Nationalisation) Amendment Bill, 2021 has been brought.


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