The Insurance (Amendment) Bill, 2021 was passed in the Lok Sabha on Monday, March 22. Finance Minister Nirmala Sitharaman moved the bill in the lower house of the parliament which sought to raise the FDI limit in the insurance sector to 74% from 49%.Rajya Sabha had already passed the bill last week. FM Sitharaman, while moving the bill for consideration and passage, said that expanding the FDI limit in the insurance sector to 74% was necessary as it will help insurers deal with matters regarding financial stress.

The Insurance (Amendment) Bill, 2021 was passed in the Lok Sabha on Monday, March 22. Finance Minister Nirmala Sitharaman moved the bill in the lower house of the parliament which sought to raise the FDI limit in the insurance sector to 74% from 49%.Rajya Sabha had already passed the bill last week. FM Sitharaman, while moving the bill for consideration and passage, said that expanding the FDI limit in the insurance sector to 74% was necessary as it will help insurers deal with matters regarding financial stress.