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Context: The Lok Sabha passed the Insurance (Amendment) Bill, 2021 which seeks to raise the limit for Foreign Direct Investment (FDI) in insurance companies from 49% to 74%.
Need:
Safeguards:
Summary of the Bill:
The Bill amends the Insurance Act, 1938. The Act provides the framework for functioning of insurance businesses and regulates the relationship between an insurer, its policyholders, its shareholders, and the regulator.
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