Udayavni Special

Lok Sabha passes bill to amend public sector general insurance law


PTI, Aug 2, 2021, 4:21 PM IST

New Delhi: Lok Sabha on Monday passed a bill to amend the general insurance law to allow the government to pare its stake in state-owned insurers.

The General Insurance Business (Nationalisation) Amendment Bill, 2021 is aimed at generating required resources from the Indian markets so that public sector general insurers can design innovative products.

As per the statement of objects and reasons of The General Insurance Business (Nationalisation) Amendment Bill, 2021, it seeks to remove the requirement that the Central government should hold not less than 51 per cent of the equity capital in a specified insurer.

To provide for greater private participation in the public sector insurance companies, to enhance insurance penetration and social protection, to better secure the interests of policyholders and contribute to faster growth of the economy, it has become necessary to amend certain provisions of the Act, according to the Bill.

The Bill was introduced on Friday by Finance Minister Nirmala Sitharaman.

The Finance Minister in the Budget 2021-22 had announced a big-ticket privatisation agenda which included two public sector banks and one general insurance company.

”We propose to take up the privatisation of two Public Sector Banks and one General Insurance company in the year 2021-22. This would require legislative amendments,” she had said at the time.

As of date, there are four general insurance companies in the public sector – National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and the United India Insurance Company Limited.

Now, one of these will be privatised for which the government is yet to finalise the name.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Karnataka govt considering law to regulate religious conversion: Home Minister

Kerala dog marriage: Acid weds Jaanvi

PM Modi, US President Biden to meet in Washington on Sep 24

Antibodies from original Covid virus strain don’t bind to variants: Study

Adani takes on Ambani, to invest $20 bn in renewable energy; make foray into hydrogen

Karnataka Minister Murugesh Nirani’s Twitter account hacked

Two pilots injured as Army chopper crash-lands in J&K’s Udhampur

Related Articles More

UK travel restrictions: Cong urges govt to ensure Indians don’t face inconvenience

Centre allows IAS, IPS officers to retain gifts received from foreign dignitaries

AIIMS report shows girl rescued by Delhi Police is minor, says SC

PM Modi, US President Biden to meet in Washington on Sep 24

India’s largest e-ticketing platform fixes bug after school student raises alarm

MUST WATCH

UDAYAVANI NEWS BULLETIN|21/9/2021

Chikkamagaluru womens protest against opening of bar

Mangaluru Police commissioner singing tulu song

Shooting at Russian university

Elephant gone wild at mysore


Latest Additions

Karnataka govt considering law to regulate religious conversion: Home Minister

UK travel restrictions: Cong urges govt to ensure Indians don’t face inconvenience

Kerala dog marriage: Acid weds Jaanvi

72% Bengaluru parents say YES to sending children back to school: LEAD survey

Centre allows IAS, IPS officers to retain gifts received from foreign dignitaries

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.