The Insurance Amendment Bill 2021 has been passed by Lok Sabha today leading to a hike in Foreign Direct Investment (FDI) limit in the sector to 74 percent. The said Bill was passed by Rajya Sabha on March 18, 2021.
The Bill removes restrictions on ownership and control. However, such foreign investment may be subject to additional conditions as prescribed by the Central Government.
For more details on the Bill, read our previous story HERE