Amendment to aid insurers' privatisation tabled in the Lok Sabha

The government introduced amendments to the General Insurance Business (Nationalisation) Act, 1972, in the Lok Sabha to enable the privatisation of public sector insurance companies.
 
The General Insurance Business (Nationalisation) Amendment Bill, 2021, will allow private participation in public sector insurance companies, with the government reducing its shareholding below 51 per cent and transferring management control to the prospective buyer. The Bill removes a clause that requires the Centre to hold at least 51 per cent shares in the National Insurance Company, New India Assurance Company, Oriental Insurance Company, General Insurance Corporation of India, and United India Insurance Company.