NEW DELHI: Union Finance Minister Nirmala Sitharaman will move the Insurance (Amendment) Bill 2021 in Rajya Sabha for passing on Thursday.
The Insurance (Amendment) Bill 2021 seeks to amend the Insurance Act to pave the way for 74 per cent foreign direct investment (FDI) in the sector.
The Finance Minister introduced the Bill in Rajya Sabha on March 15. She 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 life and general insurance stands at 49 per cent with ownership and management control with Indians.