{"id":252571,"date":"2021-08-12T10:30:43","date_gmt":"2021-08-12T05:00:43","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=252571"},"modified":"2021-08-12T09:53:11","modified_gmt":"2021-08-12T04:23:11","slug":"parliament-passes-general-insurance-business-nationalisation-amendment-bill-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/12\/parliament-passes-general-insurance-business-nationalisation-amendment-bill-2021\/","title":{"rendered":"Parliament passes General Insurance Business (Nationalisation) Amendment Bill, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">On August 11, 2021, the General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by Rajya Sabha. The Bill seeks to amend the General Insurance Business (Nationalisation) Act, 1972. The Act was enacted to nationalise all private companies undertaking general insurance business in India<\/p>\n<p style=\"text-align: justify;\">\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\">Key Highlights:<\/span><\/h4>\n<ul>\n<li style=\"text-align: justify;\">Omit the proviso to Section 10B of the Act so as to remove the clause that the Central government must hold at least 51 percent of the shareholding.<\/li>\n<li style=\"text-align: justify;\">Insert a new section 24B providing for cessation of application of the Act to such specified insurer on and from the date on which the Central Government ceases to have control over it.<\/li>\n<li style=\"text-align: justify;\">Insert a new section 31A providing for liability of a director of the specified insurer, who is not a whole-time director, liable for any acts of omission or commission committed with his knowledge and consent.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On August 11, 2021, the General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by Rajya Sabha. The Bill seeks to amend <\/p>\n","protected":false},"author":8808,"featured_media":29801,"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-252571","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 v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Parliament passes General Insurance Business (Nationalisation) Amendment Bill, 2021 | 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\/08\/12\/parliament-passes-general-insurance-business-nationalisation-amendment-bill-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament passes General Insurance Business (Nationalisation) Amendment Bill, 2021\" \/>\n<meta property=\"og:description\" content=\"On August 11, 2021, the General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by Rajya Sabha. The Bill seeks to amend\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/12\/parliament-passes-general-insurance-business-nationalisation-amendment-bill-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-12T05:00:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" 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