New Delhi, Dec. 16 -- The Lok Sabha on Tuesday introduced the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, marking a significant step toward modernising India's insurance regulatory framework.
The Bill was moved for introduction by union Finance Minister Nirmala Sitharaman and follows earlier approval from the union Cabinet ahead of the Winter Session of Parliament.
The Bill proposes sweeping amendments to key legislations-the Insurance Act, 1938, the Life Insurance Corporation (LIC) Act, 1956, and the Insurance Regulatory and Development Authority of India (IRDAI) Act, 1999-with the aim of expanding insurance coverage, enhancing regulatory oversight, and fostering sectoral growth.
The Bill raises the FDI cap in Indi...