Insurance Laws Amendment Act 2015: Unpacking Its Major Highlights and Impact on India

Summary

The Insurance Laws (Amendment) Act, 2015 overhauled India's insurance framework by modernizing outdated regulations and increasing foreign investment from 26% to 49%. This reform empowered the IRDAI, boosted consumer protections, and updated key sectors like health and reinsurance. The amendments aim to stimulate industry growth, enhance competitiveness, and better meet evolving consumer needs.

Key Takeaways

Modernizes India’s insurance regulations.
Raises foreign equity cap to 49% while retaining domestic control.
Strengthens IRDAI's authority and consumer protection measures.
Encourages growth through updates in health insurance and reinsurance strategies.