Lok Sabha takes up bill to boost insurance sector, protect policyholders

The Lok Sabha is considering the 'Sabka Bima, Sabki Raksha' bill, which, according to FM Nirmala Sitharaman, aims to boost the insurance sector, enhance policyholder protection, and provide improved regulatory oversight by strengthening the IRDAI.

The Lok Sabha on Tuesday took up for consideration a bill that seeks to accelerate the growth and development of the insurance sector, ensure better protection of policyholders and improve ease of doing business for insurance companies Moving the 'Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Bill, 2025' for passage in the House, Union Finance Minister Nirmala Sitharaman said the bill provides for improved regulatory oversight.

Bill Aims for Robust Regulation

"We want the regulator (Insurance Regulatory and Development Authority of India) also to be more robust. We have taken measures around this in the amendment ranging from better regulatory oversight, ease of compliance, insurance intermediaries to provide uninterrupted services, and so on," the Finance Minister said.

"We are also treating both intermediaries and insurance companies with a lot more standardized approach so that whenever they do anything, they will have to have a stakeholder consultation before they bring in any policy," she added.

Govt Highlights Recent Sectoral Reforms

The Union Minister highlighted the recent measures taken by the government for the Insurance sector.

"The government has recently come up with several flagship programs, like PM Jeevan Jyothi Yojana, PM Suraksha Bhima Yojana, PM Jan Aarogya Yojana, and Krishi Bhima Yojana aimed for the inclusion of the poorest sections of the society who can't afford insurance," she said.

She said the government also has been making sure that the public sector insurance companies can meet the insurance requirements of the people.

"By listing of LIC, we have made it transparent for the citizens".

She said that reforms, along with regulatory strengthening, have resulted in measurable growth. (ANI)

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