DFS work on draft insurance law complete, sent to Cabinet for approval

The department of financial services (DFS) has completed work on the draft insurance law amendment Bill and it will now be taken up by the Union Cabinet, a senior official told reporters here.

The amendments aim to enhance the security of policyholders, promote their interests, and improve returns. Besides, they would facilitate the entry of more players in the insurance market, leading to economic growth and employment generation, the official said.

Another senior official added that the draft Bill was unlikely to be introduced in the upcoming session of Parliament and is expected to be introduced in the monsoon session.