Insurance Amendment Bill 2024
The Insurance Amendment Bill 2024, endorsed by a parliamentary committee, seeks to modernize India’s insurance sector and enhance its efficiency. It introduces composite licenses allowing insurers to offer both life and non-life products, lowers capital requirements to encourage market entry, and raises the foreign investment cap to 100%. Additionally, the Bill proposes GST rate reductions on health and microinsurance products, a strategic plan for public insurers, and the establishment of a Cyber Security Protection Authority. These measures aim to improve competitiveness, promote innovation, and ensure data protection while making insurance products more accessible and affordable.
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