Parliament passes Insurance Laws (Amendment) Bill, 2015

Parliament has passed Insurance Laws (Amendment) Bill, 2015.  It was first passed in Lok Sabha on 4 March 2015 and later in Rajya Sabha on 12 March 2015. 

In both the houses the bill was passed by voice vote.  The amendment bill replaces ordinance promulgated in this regard and aims to bring improvements and revisions in the existing laws relating to insurance business in India. 

The bill also seeks to remove archaic provisions in previous laws and incorporate modern day practices of insurance business that are emerging in a changing dynamic environment, which also includes private participation.