Press Information Bureau
Government of India
Ministry of Finance
05-December-2014 16:56 IST
Amendments To Insurance Act 1938
The Government has proposed amendments to Insurance Act 1938, General Insurance Business Nationalization Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999 through the Insurance Laws (Amendment) Bill, 2008. The Insurance Laws Amendment Bill proposes, inter-alia, to empower the Authority to frame regulations on matters involving policy holder protection and other aspects of insurance sector development. The proposed amendments also aim at removing archaic and redundant provisions in the legislations.
This information was given by the Union Minister of Finance, Shri Arun Jaitley in written reply to a question in Lok Sabha today.