Indian govt gives nod for amendments in Insurance Laws

North Gazette News/New Delhi
Indian government on Wednesday gave nod for making amendments in the insurance Laws (Amendment) Bill, 2008, a move aimed at increasing Foreign Direct investment (FDI) in the sector.

An Indian government spokesperson said that the decision for giving approval to the amendments in Insurance Laws was taken in the Union Cabinet meeting held under the Chairmanship of Prime Minister Narendra Modi here today.

“Prime Minister approved the official Amendments to the Insurance Laws (Amendment) Bill, 2008 and introduction in the Rajya Sabha when the Bill is taken up for consideration and passing,” the spokesperson said.

The spokesperson added that the Bill is aimed at removing archaic and redundant provisions in the relevant legislations and to enable the insurance sector to work for the betterment of the insured with greater efficacy.