Rajya Sabha on 12 March 2015 passed the Insurance Laws (Amendment) Bill, 2015 by voice vote. The bill seeks to increase foreign investment limit in local insurers to 49 percent from 26 percent.



The Bill will replace the Insurance Laws (Amendment) Ordinance, 2014 that was brought to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.



The Bill was earlier passed in Lok Sabha on 4 March 2015. This passage of the Bill in both the Rajya Sabha and Lok Sabha ended a seven-year long wait.