Ahead of anticipated major reforms in the Insurance Amendment Bill, the ministry of finance has proposed a separate exercise aimed at simplification of pre-Constitutional enactments, including the Insurance Act.
The objective of this exercise is to simplify and remove references to outdated provisions. While the industry was looking for major reforms, including composite license, lower capital requirement, captive insurance license and risk-based pricing, the draft insurance amendment bill 2023 has not made any major changes to the existing Act.
Source:
Economic Times
