{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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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The General Insurance Business (Nationalisation) Amendment Act, 2021 seeks to privatise government companies undertaking general insurance business in India. \u00a0 Key highlights of the Act are: Four subsidiary companies of GIC:\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-162.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-162.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.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":252571,"position":1},"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":[]},{"id":245837,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/19\/insurance-amendment-bill-2021-passed-by-rajya-sabha\/","url_meta":{"origin":252571,"position":2},"title":"Insurance (Amendment) Bill, 2021 passed by Rajya Sabha","author":"Prachi Bhardwaj","date":"March 19, 2021","format":false,"excerpt":"On 18th March, 2021, Rajya Sabha has passed the Insurance (Amendment) Bill, 2021. 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":7100,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/01\/07\/insurance-laws-amendment-ordinance-20141\/","url_meta":{"origin":252571,"position":3},"title":"Insurance Laws (Amendment) Ordinance, 2014","author":"Sucheta","date":"January 7, 2015","format":false,"excerpt":"On 27-12-2014, the Union Cabinet approved the promulgation of the Insurance Laws (Amendment) Ordinance 2014. The Ordinance aims to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999, in accordance with the Insurance Laws (Amendment) Bill 2008. 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Devika Sharma","author":"Bhumika Indulia","date":"August 19, 2021","format":false,"excerpt":"SCC Online Weekly Rewind Episode 23rd ft. Devika Sharma, Senior Editorial Assistant\u00a0is out now. The written episode along with the video episode can be watched and read below. Kerala High Court \u00a0Is marital rape a form of cruelty? Treating wife\u2019s body as something owing to husband and committing sexual act\u2026","rel":"","context":"In &quot;SCC Times Newsflash&quot;","block_context":{"text":"SCC Times Newsflash","link":"https:\/\/www.scconline.com\/blog\/post\/category\/watch-now-2\/scc-times-newsflash\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-40.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-40.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-40.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-40.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-40.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":213441,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/09\/irdai-obligatory-cession-for-financial-year-2019-20-applicable-to-indian-re-insurers-insurers-as-per-provisions-of-s-101-a-of-insurance-act-1938\/","url_meta":{"origin":252571,"position":5},"title":"IRDAI | Obligatory Cession for financial year 2019-20 &#8212; Applicable to Indian Re-Insurers &#038; Insurers as per provisions of S. 101 A of Insurance Act, 1938","author":"Bhumika Indulia","date":"April 9, 2019","format":false,"excerpt":"F. 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