Parliament has passed the General Insurance Business (Nationalisation) Amendment Bill, 2021 with the Rajya Sabha approving it today amid din. The Lok Sabah has already passed the bill. 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 percent shareholding of the central government in General Insurance Corporation of India, National Insurance, New India Assurance, Oriental Insurance and United India Insurance companies. Finance Minister Nirmala Sitharaman had moved the bill in the House for consideration and passing. During a brief discussion which was started amid opposition uproar, Prashanta Nanda from BJD spoke on the bill and extended his support. Sukhendu Sekhar from TMC and T K S Elangovan from DMK opposed the bill.