General Insurance Business (Nationalisation) Amendment Bill 2021

On 11th August 2021, the General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by the Parliament.

Major Features of the Bill

  • It will allow the government to cut its share in public sector insurance companies, paving the way for more private sector participation.
  • The Bill has proposed amendments to the General Insurance Business (Nationalisation) Act, 1972.
  • The Bill removes the mandatory provision of 51 percent shareholding of the central government in General Insurance Corporation of India, National Insurance, New India Assurance, Oriental Insurance and United India Insurance companies.