The Union Cabinet approved necessary official amendments in the Insurance Laws (Amendment), Bill 2008, pending in the Rajya Sabha, with such drafting and consequential changes, if any, in consultation with the Legislative Department.
These amendments are aimed at removing archaic and redundant provisions in the legislations and incorporating certain provisions to provide Insurance Regulatory Development Authority (IRDA) with flexibility to discharge its functions effectively and efficiently. The overall objective is to further deepen the reform process which is already underway in the insurance sector.
The official amendments will be moved in the Insurance Laws (Amendment) Bill, 2008 pending in the Rajya Sabha.
Based on the recommendations of the Standing Committee on Finance, the Cabinet has approved amendments containing the following :
The Insurance Laws (Amendment) Bill, 2008, with a view to amend the Insurance Act 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999 was introduced in the Rajya Sabha on the 22nd December, 2008. The Bill as introduced and referred to the Standing Committee on Finance for examination and report. The Standing Committee submitted its report to Parliament on 13lh December. 2011. There are a total of 111 clauses in the Insurance Laws (Amendment) Bill, 2008.