te Insurance (Amendment) Bill 2021: Nirmala Sitharaman to move Bill in Rajya Sabha for passing today | Zee Business

Insurance (Amendment) Bill 2021: Nirmala Sitharaman to move Bill in Rajya Sabha for passing today

The Insurance (Amendment) Bill 2021 that is aimed at bringing changes in the Insurance Act to pave the way for 74 per cent foreign direct investment (FDI) in the sector will be introduced in the Upper House of the Parliament on Thursday, March 18. 

Insurance (Amendment) Bill 2021: Nirmala Sitharaman to move Bill in Rajya Sabha for passing today
Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian. Source: Pixabay

The Insurance (Amendment) Bill 2021 that is aimed at bringing changes in the Insurance Act to pave the way for 74 per cent foreign direct investment (FDI) in the sector will be introduced in the Upper House of the Parliament on Thursday, March 18. Union Finance Minister Nirmala Sitharaman will move the Insurance (Amendment) Bill 2021 in Rajya Sabha for passing on Thursday.  

See Zee Business Live TV Streaming Below:

TRENDING NOW

Union Ministers Ravi Shankar Prasad and Nitin Gadkari will also make statements on eligibility in reserved constituencies and vehicles scrapping policy respectively, said PTI report.  

Sitharaman had on Monday (March 15) introduced the Bill in Rajya Sabha. Sitharaman introduced the Bill for amendments in the Insurance Act, 1938. The Union Cabinet on Wednesday had given its nod for amendments in the Insurance Amendment Bill 2021.  

Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian.  

Sitharaman presenting the Union Budget for 2021-22 had said, I propose to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% in Insurance Companies and allow foreign ownership and control with safeguards. Under the new structure, the majority of Directors on the Board and key management persons would be resident Indians, with at least 50% of Directors being Independent Directors, and specified percentage of profits being retained as general reserve."   
With Agency Inputs
 

Reported By: ZeeBiz WebTeam
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Thu, Mar 18, 2021
11:20 am
Patna, ZeeBiz WebDesk
RELATED NEWS
Finance Minister Nirmala Sitharaman says every partner needs to collaborate for India to become third-largest economy by 2027-28 Finance Minister Nirmala Sitharaman says every partner needs to collaborate for India to become third-largest economy by 2027-28
Government halves Budget support to oil firms, defers filling strategic oil reserves Government halves Budget support to oil firms, defers filling strategic oil reserves
Net zero goal calls for USD 5 trillion in annual green investments: IMF Net zero goal calls for USD 5 trillion in annual green investments: IMF
Retirement age of GST Appellate Tribunal chief, members raised Retirement age of GST Appellate Tribunal chief, members raised
FTA talks: Investment treaty to figure prominently during UK's high-level team visit to India this week FTA talks: Investment treaty to figure prominently during UK's high-level team visit to India this week

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x