Why is it in News?
→ Lok Sabha passed the bill to deepen insurance coverage.
→ The bill aims to achieve the goal of “Insurance for All by 2047”.
Important Points
- The bill allows 100% Foreign Direct Investment in the insurance sector.
- FDI limit increased from 74% to 100%.
- Objective is to attract long-term foreign capital.
- IRDAI’s regulatory powers are strengthened.
- Reinsurance norms are liberalised.
- The bill supports the vision of Insurance for All by 2047.
- Focus on increasing insurance penetration.
- Concerns highlighted include foreign dominance and rural sector neglect.