5 December 2022

India mulls composite insurance licence

The Indian government is likely to introduce in the budget session of Parliament the Insurance Laws (Amendment) Bill, 2022, which will pave the way for the issuance of a composite licence to insurers, officials have told The Economic Times.

A composite licence would allow insurers to undertake general and health insurance via a single entity.

The Bill would reportedly make changes to the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999.

The proposed amendments include changes to, and new insertions in, the definitions section, including captive insurer.

The Bill is open for public comment until December 15.