Insurance Amendment Bill Likely in Monsoon Session

Bill to revise LIC Act, Insurance Act, IRDAI Act; Changes to IBC, Companies Act must wait

- Gireesh Chandra Prasad & Subhash Narayan

The Insurance Laws (Amendment) Bill, proposing sweeping reforms such as 100% foreign direct investment (FDI) and composite licensing, is likely to be tabled in the monsoon session of Parliament in July, three people aware of the plan said.

However, amendments to clarify the Insolvency and Bankruptcy Code (IBC), 2016, and changes to the Companies Act, 2023, are unlikely to make it to the coming session, the people said on the condition of anonymity.

The Centre is also awaiting a Parliament select committee's views on the new Income Tax Bill, 2025, meant to simplify direct tax laws, expected in July, so that it can be introduced in the winter session of Parliament towards the end of November or early December, said one of the three people quoted above.

The select committee, led by the Bharatiya Janata Party's (BJP's) Baijayant Panda, is expected to give its report on the first day of the monsoon session, likely to begin on 21 July.