New Delhi, Feb. 20 -- In a significant move towards reforming India's insurance sector, the government has constituted a seven-member expert panel to review and propose amendments to the Insurance Act, 1938.

Originally enacted during British India, the Insurance Act, 1938, serves as the foundational legal framework for the insurance sector, governing life, general, and health insurance policies while empowering the Insurance Regulatory and Development Authority of India (Irdai) to oversee its implementation.

The government's renewed focus on reforms comes after Finance Minister Nirmala Sitharaman, in her FY26 Budget speech, proposed increasing the foreign direct investment (FDI) cap in the insurance sector from 74 per cent to 100 per ce...