New Delhi, Dec. 17 -- The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, aimed at modernizing India's insurance regulatory framework, secured Parliament's approval on Wednesday being passed in the Rajya Sabha.
The bill had earlier cleared the Lok Sabha passage on Tuesday and was approved by the union Cabinet ahead of the Winter Session.
Moved by union Finance Minister Nirmala Sitharaman, the legislation proposes sweeping amendments to the Insurance Act, 1938, the Life Insurance Corporation (LIC) Act, 1956, and the Insurance Regulatory and Development Authority of India (IRDAI) Act, 1999. Its core objectives include expanding insurance coverage, strengthening regulatory oversight, and promoting sectoral growth.
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