Government to Propose Insurance Act Amendments in Budget Session

Summary: The Indian government plans to propose amendments to the Insurance Act of 1938 in the upcoming Budget session, aiming for 'Insurance for All by 2047'. Key proposed changes include composite licensing, differential capital requirements, and lower solvency standards, which would modernize the insurance industry and allow life insurers to offer health and general insurance. The amendments seek to enhance consumer protection, increase market efficiency, and promote economic growth. The Ministry of Finance has sought public input, and the draft bill is being prepared for Cabinet approval. The proposed changes are expected to facilitate market entry for new companies and attract more Indian and foreign firms, contributing to