Which of the following Bill seeks to amend the Insurance Act, 1938 which will increase the limit of FDI?
A. Finance Bill, 2021
B. Insurance (Amendment) Bill, 2021
C. Foreign Contribution (Regulation) Amendment Bill, 2020
D. Industrial Relations Code Bill, 2020
Explanation:
The Rajya Sabha has passed the Insurance (Amendment) Bill, 2021. It seeks to amend the Insurance Act, 1938 which will increase the limit of foreign investment allowed in Indian insurance companies. The Act provides the framework for functioning of insurance businesses and regulates the relationship between an insurer, its policyholders, its shareholders, and the regulator (the Insurance Regulatory and Development Authority of India).
