Speak now

1. (1) This Act may be called the Insurance (Amendment) Act, 2021. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. 2. In the Insurance Act, 1938 (hereinafter referred to as the principal Act), in section 2, in clause (7A), for sub-clause (b), the following sub-clause shall be substituted, namely:— "(b) in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company, and the foreign investment in which shall be subject to such conditions and manner, as may be prescribed;".