Insurance Law Amendment Bill 2015


 
 
Concept Explanation
 

Insurance Law (Amendment) Bill, 2015

The Insurance Law's (Amendment) Bill, 2015 was passed by the Lok Sabha and the Rajya Sabha. The passage of the bill thus paved the way for major reform related amendments in the

  • Insurance Act, 1938, General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (1RDA) Act, 1999.
  • The Insurance Laws (Amendment) Act, 2015 to be so enacted, will seamlessly replace the Insurance Laws (Amendment) Ordinance, 2014 which came into force on 26th Dec, 2014.
  • The Amendment Act will remove archaic and needless provisions in the legislation and incorporates certain provisions to provide Insurance Regulatory and Development Authority of India (IRDAI) with the flexibility to discharge its functions more effectively and efficiently.
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