India's Insurance Overhaul: New Bill Set for Introduction in Lok Sabha

Finance Minister Nirmala Sitharaman is set to introduce The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025 in Lok Sabha. The bill seeks to amend three pivotal insurance legislations to fortify India's insurance sector. The parliament session will include other extensive legislative and procedural activities.

In a significant move set to reshape India's insurance landscape, Union Finance Minister Nirmala Sitharaman will propose The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, in the Lok Sabha today. The bill, targeting amendments to bolster the Insurance Act, 1938; the Life Insurance Corporation Act, 1956; and the Insurance Regulatory and Development Authority Act, 1999, seeks to enhance the country's insurance framework.

The Lok Sabha will convene at 11 am with a full agenda, including the introduction of this key legislation. Members will engage in extensive legislative business, which features the presentation of multiple committee reports, ministerial statements, and official proceedings such as the laying of papers.

The current Lok Sabha session, part of the 6th Session of the 18th Lok Sabha, coinciding with the 269th Session of the Rajya Sabha, began on December 1 and will wrap up by December 19. The comprehensive schedule underscores the Parliament's dedicated agenda for significant legislative discussions this winter.

(With inputs from agencies.)