The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi,  approved the officials Amendments to the Insurance Laws (Amendment) Bill, 2008 and introduction in the Rajya Sabha when the Bill is taken up for consideration and passing.

The Bill is aimed at removing archaic and redundant provisions in the relevant legislations and to enable the insurance sector to work for the betterment of the insured with greater efficacy.

Insurance law reform: Cabinet-approved amendments aim to modernize statutes and improve protections and efficiency for the insured. Approval of amendments to the Insurance Laws (Amendment) Bill, 2008 authorizes submission of changes to the Rajya Sabha to excise archaic and redundant statutory provisions and to modernize the legislative framework so the insurance sector can operate with greater efficacy for the benefit of policyholders.