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Rajya Sabha passes insurance amendment bill

Date: 22 March 2021 Tags: Miscellaneous
  • Rajya Sabha has passed the Insurance (Amendment) Bill, 2021 that seeks to raise the FDI in insurance sector to 74 per cent from the current 49 per cent.
  • Under the new structure, the majority of directors on the board and key management persons would have to be resident Indians, which will make them accountable under the Indian law.
  • On the criticism that the move might dilute reservation in state insurance players, the government said that it is committed to the protection of the Scheduled Castes, Scheduled Tribes and Backward Classes.