LIC hopes next set of insurance reforms will get Parliament nod

LIC is hopeful that the next set of proposed reforms to the insurance sector will soon go through Parliament, fuelling the pace at which the country marches towards “insurance for all” by 2047, its past Chairman MR Kumar said.

“I can’t give any timeline. It is hopeful that the next set of insurance reforms will get passed soon, as the mantra for everyone is insurance for all by 2047. If everybody is working on that mantra, then I am sure things will happen,” Kumar said when asked how confident he was about the passage of proposed insurance reforms in Parliament in the upcoming second leg of the budget session.

It may be recalled that the Centre had late last year proposed several amendments to the Insurance Act and the Insurance Regulatory and Development Authority Act as part of its overall efforts to enhance insurance penetration and encourage product innovation and diversification so as to achieve the goal of “insurance for all” by 2047.

These proposals are likely to find their way into an Insurance Amendment Bill, which may get introduced in the second leg of the budget session that is likely to begin mid-March.