New Delhi, Dec. 17 -- The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, a landmark move aimed at modernizing India's insurance regulatory framework was on Tuesday passed in the Lok Sabha.
Moved by union Finance Minister Nirmala Sitharaman, the Bill follows prior introduction in the House earlier in the day. It was also earlier approved by the union Cabinet ahead of the Winter Session of Parliament.
The Bill proposes comprehensive 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 objectives include expanding insurance coverage, strengthening regulatory oversight, and promoting sectoral growth.
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