THE INSURANCE (AMENDMENT) ACT, 2021- NOTIFICATION
The following Act of Parliament received the assent of the President on the 25th March, 2021, and is hereby published for general information:—
An Act further to amend the Insurance Act, 1938.
BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:—
- (1) This Act may be called the Insurance (Amendment) Act, 2021.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. - In the Insurance Act, 1938 (hereinafter referred to as the principal Act), in section 2, in clause (7A), for sub-clause (b), the following sub-clause shall be substituted, namely:—
“(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed;”.
- In section 27 of the principal Act, in sub-section (7), the Explanation shall be omitted.
- In section 114 of the principal Act, in sub-section (2), for clause (aaa), the following clause shall be substituted, namely:—
“(aaa) the conditions and manner of foreign investment under sub-clause (b) of clause (7A) of section 2;”.
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