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ARTICLE · 19 DECEMBER 2024

Insurance 2.0 | Big Bang Insurance Reforms

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The Ministry of Finance, through an office memorandum dated 26 November 2024, has invited public comments on proposed amendments to the Insurance Act, 1938, Life Insurance Corporation Act, 1956, and Insurance Regulatory and Development Authority Act, 1999.

IndiaInsurance
Aravind Venugopal
Aravind Venugopal
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Introduction

The Ministry of Finance, through an office memorandum dated 26 November 2024, has invited public comments on proposed amendments to the Insurance Act, 1938 (Insurance Act), Life Insurance Corporation Act, 1956 (LIC Act), and Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). Key changes include:

  • increasing foreign investment in Indian insurers to 100%,
  • introducing a composite license regime for life and non-life insurance under a single license, and
  • creating a regulatory framework for Managing General Agents (MGAs).

Comments are invited until 10 December 2024. We welcome your collaboration as we prepare our submissions to the Insurance Regulatory and Development Authority of India (IRDAI).

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