Finance Minister Nirmala Sitharaman on Tuesday introduced the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025 in the Lok Sabha, marking a significant step towards revamping India’s insurance regulatory framework.
As per the business list of the House, the Bill seeks to amend three cornerstone legislations governing the insurance sector — the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and the Insurance Regulatory and Development Authority Act, 1999. Following the leave motion, the Finance Minister formally tabled the Bill for consideration.
The proposed amendments aim to modernise insurance laws in line with evolving market dynamics, regulatory requirements, and policy objectives linked to broader insurance penetration and consumer protection.
Alongside the introduction of the Insurance Amendment Bill, several Union Ministers also laid papers related to their respective ministries on the table of the Lok Sabha. These included Jitin Prasada from the Ministry of Commerce and Industry, Krishan Pal from the Ministry of Cooperation, Ramdas Athawale from the Ministry of Social Justice and Empowerment, Ram Nath Thakur from the Ministry of Agriculture and Farmers Welfare, Nityanand Rai from the Ministry of Home Affairs, Prof. S. P. Singh Baghel and George Kurian from the Ministry of Fisheries, Animal Husbandry and Dairying, B. L. Verma and Kamlesh Paswan from the Ministry of Social Justice and Empowerment and Rural Development respectively, Bhupathi Raju Srinivasa Varma from the Ministry of Heavy Industries, and Murlidhar Mohol from the Ministry of Cooperation. A separate detailed list of papers was shared, according to ANI.
The ongoing Winter Session marks the sixth session of the 18th Lok Sabha and the 269th session of the Rajya Sabha. It commenced on December 1 and is scheduled to conclude on December 19.
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