{"id":122614,"date":"2021-07-31T18:58:37","date_gmt":"2021-07-31T13:28:37","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=122614"},"modified":"2021-08-02T11:25:54","modified_gmt":"2021-08-02T05:55:54","slug":"govt-introduces-bill-on-insurance-firms","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/govt-introduces-bill-on-insurance-firms\/","title":{"rendered":"Govt. introduces Bill on insurance firms"},"content":{"rendered":"<p><strong>Source: <\/strong><a href=\"https:\/\/epaper.thehindu.com\/Home\/MShareArticle?OrgId=G428QRQUC.1&amp;imageview=0\"><strong>The Hindu<\/strong><\/a><\/p>\n<h5><strong>What is the News?<\/strong><\/h5>\n<p>The Government of India has introduced the General Insurance Business (Nationalisation) Amendment Bill, 2021.<\/p>\n<h5><strong>Purpose of the Bill:<\/strong><\/h5>\n<ul>\n<li><strong>The Bill introduces amendments<\/strong> to the General Insurance Business (Nationalisation) Act, 1972 to enable the privatisation of public sector insurance companies.<\/li>\n<\/ul>\n<h5><strong>Key Features of the Bill:<\/strong><\/h5>\n<ul>\n<li><strong>Reduces Shareholding Limit: <\/strong>The Bill removes a clause that requires the Centre to hold at least 51% shares in the public sector insurance companies.\n<ul>\n<li><strong>Currently, <\/strong>there are four public sector general insurance companies \u2014 National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company Limited.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Applicability of the Act:<\/strong> The bill includes a new section that states that the applicability of the Act ceases from the date the central government relinquishes control over an insurer.<\/li>\n<li><strong>Liability of Director: <\/strong>The Bill makes the director of an insurer who is not a whole-time director liable for any acts of omission or commission committed with his knowledge and consent.<\/li>\n<\/ul>\n<h5><strong>Significance of the Bill:<\/strong><\/h5>\n<ul>\n<li><strong>The Bill <\/strong>will allow private participation in public sector insurance companies with the government reducing its shareholding.<\/li>\n<li><strong>Moreover, <\/strong>the bill has tightened the noose around directors (other than whole-time directors).<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Source: The Hindu What is the News? The Government of India has introduced the General Insurance Business (Nationalisation) Amendment Bill, 2021. Purpose of the Bill: The Bill introduces amendments to the General Insurance Business (Nationalisation) Act, 1972 to enable the privatisation of public sector insurance companies. Key Features of the Bill: Reduces Shareholding Limit: The&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/govt-introduces-bill-on-insurance-firms\/\">Continue reading <span class=\"screen-reader-text\">Govt. introduces Bill on insurance firms<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1243,1566,1731,9],"tags":[],"class_list":["post-122614","post","type-post","status-publish","format-standard","hentry","category-act-and-schemes-new","category-daily-factly-articles","category-bill-and-acts","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704706238},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/122614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=122614"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/122614\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=122614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=122614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=122614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}