<h1>Union Cabinet Approves Amendments to Insurance Laws Bill: Increases Foreign Equity Cap, Updates Regulations, and Enhances IRDA Efficiency.</h1> The Union Cabinet approved amendments to the Insurance Laws (Amendment) Bill, 2008, pending in the Rajya Sabha, to modernize outdated provisions and enhance the Insurance Regulatory Development Authority's (IRDA) efficiency. Key changes include raising the foreign equity cap to 49%, allowing foreign reinsurers to open branches, reducing capital requirements for health insurance companies, and revising health insurance definitions. The amendments also propose new regulations for agent appointments, penalties for misconduct, and a mechanism for appealing IRDA orders. Public sector insurers can raise capital, maintaining government ownership above 51%. These changes aim to deepen insurance sector reforms.