New Delhi: The Lok Sabha on Tuesday took up for consideration a bill aimed at accelerating the growth and development of the insurance sector, strengthening policyholder protection and improving the ease of doing business for insurance companies.
Moving the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Bill, 2025 for passage, Union Finance Minister Nirmala Sitharaman said the proposed legislation seeks to enhance regulatory oversight while streamlining compliance norms across the sector.
“We want the regulator, the Insurance Regulatory and Development Authority of India, to be more robust. The amendments focus on better regulatory oversight, ease of compliance and enabling insurance intermediaries to provide uninterrupted services,” Sitharaman told the House.
She said the bill introduces a more standardised approach for both insurance companies and intermediaries, making stakeholder consultation mandatory before any major policy changes are implemented.
Highlighting the government’s recent initiatives in the insurance sector, the finance minister said several flagship schemes had been launched to expand coverage among economically weaker sections.
“The government has introduced programmes such as PM Jeevan Jyothi Yojana, PM Suraksha Bima Yojana, PM Jan Arogya Yojana and Krishi Bima Yojana to ensure insurance inclusion for the poorest sections of society who otherwise cannot afford coverage,” she said.
Sitharaman also underlined the role of public sector insurance companies in meeting the insurance needs of citizens and pointed to the listing of Life Insurance Corporation of India as a step towards greater transparency.
“By listing LIC, we have ensured enhanced transparency and accountability to the public,” she said, adding that regulatory reforms combined with institutional strengthening have resulted in measurable growth in the insurance sector.
The bill is expected to play a key role in deepening insurance penetration while balancing consumer protection with industry growth.
