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JC - Legal Updates - Insurance Laws (Amendment) Bill, 2022

Legal Updates

02 Dec 2022

Insurance Laws (Amendment) Bill, 2022

Brief Overview:

The Insurance Laws (Amendment) Bill, 2022 (“Amendment Bill”) has been introduced by the Ministry of Finance on 29th November 2022. The Amendment Bill has proposed certain amendments in the Insurance Act, 1938 and Insurance Regulatory and Development Authority Act, 1999.

Technical Details:

Among other things, the Amendment Bill aims to:

1)   Scrap the provision of minimum capital of INR 100 crores for life, general and health insurance and INR 200 crores for reinsurers.

2)   Allow an insurer to provide services related or incidental to the insurance business and distribute other financial products. Besides, an insurer can also start any class or sub-class of insurance business if it has the minimum paid-up equity capital prescribed for it.

3)   Allow Insurance Regulatory and Development Authority of India (“IRDAI”) to prescribe the minimum capital required considering the size and scale of operations, class or sub-class of insurance business.

4)   Allow IRDAI to specify the qualifications and experience necessary to appoint an actuary by an insurer.

5)   Reduce the amount of net owned funds required for an insurer to get registered to INR 500 crores.

6)   Impose penalties on insurance companies for violation of code of conduct by their agents.

7)   Benefits of the Amendment Bill:

(a)  Allow different kinds of insurers to change the investment provisions; and

(b)  Enhance the financial security of policyholders promoting policyholders' interests, improving returns to the policyholders, facilitating the entry of more players in the insurance market leading to economic growth and employment generation.

For further details, please see:


For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●  Ms. Namrta Rai (namrta.rai@jclex.com)

●  Mr. Neeraj Dubey (neeraj.dubey@jclex.com)