(Video) Rajya Sabha TV (RSTV) The Big Picture: Insurance Amendment Bill

Topic: Insurance Amendment Bill

Guest:

Sidhartha, (National Economic Editor, TOI)
Ashok Kumar Jha, (Former Secretary, Ministry of Finance, GoI)

Topic Description:

The Rajya Sabha on Thursday passed the Insurance (Amendment) Bill, 2021 that seeks to raise the FDI in insurance sector to 74 per cent from the current 49 per cent. Replying to the discussion on the Bill, Finance Minister Nirmala Sitharaman said higher foreign investment would help insurance companies meet their rising capital requirements and also help in furthering insurance penetration in the country. She assured that the decision to further hike the FDI limit was taken after consultations held by the Insurance Regulatory and Development Authority of India with various stakeholders. Members of the opposition parties raised concerns over the ossue of ownership, and demanded that the Bill be sent to a Standing Committee. To this the Finance Minister said that the law will have enough safeguards…The policyholders’ money will have to be invested in India only. It cannot cross our boundaries.