{"id":246195,"date":"2021-03-26T17:50:53","date_gmt":"2021-03-26T12:20:53","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=246195"},"modified":"2021-07-30T09:26:16","modified_gmt":"2021-07-30T03:56:16","slug":"insurance-amendment-act-2021-receives-presidents-assent","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/26\/insurance-amendment-act-2021-receives-presidents-assent\/","title":{"rendered":"Insurance (Amendment) Act, 2021 receives President&#8217;s assent"},"content":{"rendered":"<p style=\"text-align: justify;\">The Insurance (Amendment) Act, 2021 shall come into force, once notified in the official gazette. The Act increases the Foreign Direct Investment (FDI) limit in the sector to 74 percent and removes restrictions on ownership and control. However, such foreign investment may be subject to additional conditions as prescribed by the Central Government.<\/p>\n<p style=\"text-align: justify;\">For more details on the Act, read our previous story <a href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/19\/insurance-amendment-bill-2021-passed-by-rajya-sabha\/\">HERE<\/a><\/p>\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insurance (Amendment) Act, 2021 shall come into force, once notified in the official gazette. The Act increases the Foreign Direct Investment <\/p>\n","protected":false},"author":121,"featured_media":154904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-246195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance (Amendment) Act, 2021 receives President&#039;s assent | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/26\/insurance-amendment-act-2021-receives-presidents-assent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance (Amendment) Act, 2021 receives President&#039;s assent\" \/>\n<meta property=\"og:description\" content=\"The Insurance (Amendment) Act, 2021 shall come into force, once notified in the official gazette. 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The Bill amends the Insurance Act, 1938.\u00a0 The Act provides the framework for working of insurance businesses and regulates the relationship between an insurer, its policyholders, its shareholders, and the regulator (the Insurance Regulatory and Development Authority\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-17.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-17.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-17.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-17.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-17.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":248474,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/20\/indian-insurance-companies-foreign-investment-amendment-rules-2021-comes-into-force\/","url_meta":{"origin":246195,"position":1},"title":"Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021 comes into force","author":"Prachi Bhardwaj","date":"May 20, 2021","format":false,"excerpt":"On May 19, 2021, the Government has notified the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021. The Amendment makes the following rules further to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015 : As per the Rules, the word \u201cResident Indian Citizen\u201d shall have the meaning assigned to\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":371369,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/31\/indian-insurance-companies-foreign-investment-amendment-rules-2025-explained\/","url_meta":{"origin":246195,"position":2},"title":"Foreign Investment in Indian Insurance: What Changed Under the Indian Insurance Companies (Foreign Investment) Amendment 2025 Rules?","author":"Shubhi","date":"December 31, 2025","format":false,"excerpt":"Finance Ministry has notified Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025, aligning FDI norms with modern frameworks to enhance clarity, flexibility, and governance.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Indian Insurance Companies (Foreign Investment) Amendment Rules","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indian-Insurance-Companies-Foreign-Investment-Amendment-Rules.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":251190,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/13\/insurance-regulatory-and-development-authority-of-india-indian-insurance-companies-amendment-regulations-2021\/","url_meta":{"origin":246195,"position":3},"title":"Mandatory compliances introduced for registration of an Indian Insurance Company having foreign investment","author":"Prachi Bhardwaj","date":"July 13, 2021","format":false,"excerpt":"The Insurance Regulatory and Development Authority of India (IRDAI) has passed Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021 on July 07, 2021, by amending the corresponding regulations which are mentioned herein: Amendment to Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/04\/irdai.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":245955,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/22\/lok-sabha-passes-insurance-amendment-bill-2021\/","url_meta":{"origin":246195,"position":4},"title":"Lok Sabha passes Insurance (Amendment) Bill, 2021","author":"Bhumika Indulia","date":"March 22, 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-22.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-22.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-22.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-22.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-22.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":253446,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/31\/general-insurance-business-nationalisation-amendment-act-2021-comes-into-force-w-e-f-august-27-2021\/","url_meta":{"origin":246195,"position":5},"title":"General Insurance Business (Nationalisation) Amendment Act, 2021 comes into force w.e.f August 27, 2021","author":"Bhumika Indulia","date":"August 31, 2021","format":false,"excerpt":"On August 27, 2021, the Ministry of Finance has issued the notification regarding enforcement date for the provisions of the General Insurance Business (Nationalisation) Amendment Act, 2021 which shall come into force on August 27, 2021. The objective of the General Insurance Business (Nationalisation) Amendment Act, 2021 to nationalise all\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=246195"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/154904"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=246195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=246195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=246195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}