The Insurance Laws (Amendment) Act, 2015

The long overdue Insurance Laws (Amendment) Act, 2015 was enacted on 23rd March, 2015, by the Indian government. The amendment was first presented before parliament as far back as 2008, but failed to get traction because of the legislative log-jam in the intervening years.

  • The amendment also underwent a few material changes since it was first introduced, such as the prescription for Indian control over insurance joint ventures. However, the head-line objective of increasing the ceiling on foreign investment from 26% to 49% has been achieved.
  • The passage of the Act thus paved the way for major reform related amendments in the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.

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