The Union Cabinet has approved the changes in its proposed Insurance Amendment Bill, according to people familiar with the development.

The legislation proposes amendments to the Insurance Act, the LIC Act and the IRDAI Act, including a provision to raise the foreign direct investment (FDI) cap in insurance companies to 100%.

The changes are aimed at widening capital access, simplifying licensing requirements and strengthening governance across the sector.

The Bill aims to amend three key laws — the Insurance Act, the LIC Act, and the IRDAI Act — with provisions intended to expand access to capital, streamline licensing norms, and strengthen governance frameworks across the sector. The changes form part of the government’s broader objective of achieving “Insurance for All by 2047.”

The

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