Lok Sabha Passes Bill To Privatise Insurance Companies

The bill is aimed at generating required resources from the Indian markets so that public sector general insurers can design innovative products.

The Lok Sabha on Monday passed a legislation which would enable the Government to sell its majority stake in State-owned insurance companies, setting the stage for their privatisation. Also Read: West Bengal Finance Minister Urges Centre To Desist From Privatising Insurance Firms https://www.ndtv.com/business/west-bengal-finance-minister-urges-centre-not-to-privatise-public-sector-insurance-companies-2500625?pfrom=home-business_topstories The General Insurance Business (Nationalisation) Amendment Bill, 2021 is aimed at generating required resources from the Indian markets so that public sector general insurers can design innovative products, official sources said. The bill, which was passed without any discussion in the lower house, has been protested upon by the Opposition and West Bengal Finance Minister Amit Mitra had even written a letter to Union Finance Minister Nirmala Sitharaman, urging her not to privatise public sector insurance companies.