Indian govt plans to amend the 1938 Insurance Act, aiming for 'Insurance for All by 2047'.
Indian govt plans to amend the 1938 Insurance Act in Budget session, aiming for 'Insurance for All by 2047'. Proposed amendments include composite licenses, differential capital, reduced solvency norms, captive licenses, changed investment regs, one-time registration for intermediaries, and insurers distributing other financial products. These changes are expected to enhance policyholder interests, increase returns, facilitate market entry, and boost operational efficiency.
July 14, 2024
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