The Lok Sabha on Monday passed the General Insurance Business (Nationalisation) Amendment Bill, 2021 amid din. The bill seeks to amend the General Insurance Business (Nationalisation) Act, 1972. It provides a greater private sector participation in the public sector insurance companies. The bill removes the mandatory provision of 51 per cent shareholding of the Central Government in General Insurance Corporation of India, National Insurance, New India Assurance, Oriental Insurance and United India Insurance companies.
Speaking on the bill, Finance Minister Nirmala Sitharaman said, the bill is in the interest of the common man. She said, the move will allow private players to provide better insurance schemes at lower premiums. The Minister rejected the allegation of Congress leader Adhir Ranjan Chowdhury who had accused the government of bringing the legislation to benefit capitalists and big corporate houses. The bill was passed without any discussion.