New Delhi, Dec. 17 -- Parliament on Wednesday passed the 'Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025', with Finance Minister Nirmala Sitharaman assuring members that opening up the sector will attract new insurers, intermediaries and allied service providers, expanding the overall insurance ecosystem and creating net employment.

The Rajya Sabha passed the bill after a reply from the Finance Minister. The Lok Sabha passed it on Tuesday.

In her reply, Sitharaman said that IRDAI has prescribed that all insurance companies have to maintain a minimum solvency ratio of 1.5 which means the assets should by 1.5 times of the liabilities.

"Also, the companies have to make provisions for all 'Incurred but not reported' and '...