Contents
General Knowledge Quiz
Revamping Insurance for a Modern India: Proposed Amendments to the Insurance Act
Revamping insurance for a modern India, the proposed amendments to the Insurance Act aim to enhance regulation and consumer protection.
Key Points :
- Government Initiative: Potential amendments to the Insurance Act during the Budget Session align with the “Insurance for All by 2047” vision.
- Key Proposals: Composite licenses, differential capital requirements, reduced solvency norms, captive licenses, investment regulation changes, single intermediary registration, and allowing insurers to offer other financial products.
- Composite Licensing Impact: Enables life insurers to offer health and general insurance, streamlining the process and expanding customer options.
- Expected Benefits: Enhanced consumer protection, improved returns, easier market entry for new players, increased operational and financial efficiency, job creation, and broader insurance access for the population.
- Modernization Drive: Aligns with the government’s commitment to a more open, responsive, and inclusive insurance sector, contributing to India’s overall economic strategy, that’s it for first general knowledge quiz facts.
