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New Insurance Bill Aims To Transform India’s Insurance Sector Why in the News? The Union Cabinet has approved the Sabka Insurance Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, proposing sweeping reforms such as 100% FDI, regulatory changes, and enhanced powers for IRDAI, while leaving out some long-pending industry demands. This comprehensive overhaul of the …
Read MoreInsurance Bill 2025: Transformative Reforms for Insurance Sector Why in the News ? The government is set to introduce the Insurance Laws (Amendment) Bill, 2025, aiming to overhaul India’s insurance sector. The Bill amends key laws, expands FDI to 100%, introduces composite licences, and eases entry norms to boost competition, capital inflow, and sector penetration. …
Read MoreFrom the Bank of Hindustan (1770) to liberalization in 1991, and from the first life insurance company (1818) to the creation of IRDAI (1999), India’s banking and insurance sectors have evolved through nationalization, reforms, and globalization.
Read MoreWhy in the news? IRDAI issued a master circular consolidating client entitlements and repealing 55 previous circulars. Insurers must decide on cashless authorisation requests within one hour and grant final authorisation within three hours at discharge. source:medium About the Current Status of Insurance Sector In India: The Indian insurance market is projected to hit USD …
Read MoreOrigin of Insurance Insurance can be traced back to ancient times, specifically to the Mediterranean merchants in the fourth century B.C., who issued bottomry bonds. These bonds were essentially early forms of insurance policies that protected cargo and ships against the perils of the sea. The fundamental premise of insurance is to spread the financial …
Read MoreWhy in the news? Irdai abolishes age limit on health insurance; ITC expands food tech business to Kolkata, Delhi, and Mumbai. source:slideserve About the Irdai Abolishes Age Restriction on Health Insurance: Regulatory Change: The Insurance Regulatory and Development Authority of India (Irdai) has removed the age restriction of 65 years on health insurance policies. Impact …
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