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The reform will boost insurance penetration, and lead to more competition in the sector, Sitharaman said.
16 Dec 2025, 08:49 PM IST i 16 Dec 2025, 08:49 PM IST 16 Dec 2025, 08:49 PM IST
Finance Minister Nirmala Sitharaman in Lok Sabha. (PTI Photo)
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The Lok Sabha on Tuesday passed the Insurance Amendment Bill 2025, which permits up to 100% foreign direct investment into the insurance sector.
Before the voting on the legislation, Finance Minister Nirmala Sitharaman told the Lower House of Parliament that the insurance sector reforms proposed will lead to greater access to insurance for people, more players in the sector and robust regulatory setup.
The legislation, officially named as 'The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025', will amend Insurance Act, 1938, Life Insurance Corporation Act, 1956, and Insurance Regulatory and Development Authority Act, 1999.
"The bill aims at bringing transparency, easing compliance mandate, and increasing FDI," Sitharaman said.
(This is a developing story)
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