Скачать или смотреть Big Changes Coming in Insurance! New Insurance Bill 2025 Explained

Big Changes Coming in Insurance! New Insurance Bill 2025 Explained | UPSC | By Kunjesh Sir | NOTESBOOK IAS
#notesbookias #NewInsuranceBill #insurance #InsuranceSectorIndia #irdai #PolicyholderProtection #insurancenews #currentaffairs #upsc #ssc #bankingexams #insurance #uppsc
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India’s insurance sector is set to undergo major changes with the introduction of the New Insurance Bill 2025, a proposed legislation aimed at modernising insurance laws, strengthening regulation, and expanding insurance coverage across the country. The Bill seeks to update outdated provisions and align India’s insurance framework with the needs of a fast-growing economy and an increasingly aware consumer base.

One of the key objectives of the New Insurance Bill 2025 is to enhance policyholder protection. The Bill proposes stronger norms for transparency, disclosure, and grievance redressal, ensuring that customers clearly understand policy terms, claim procedures, and settlement timelines. By tightening compliance requirements, the government aims to build greater trust in insurance products, especially life, health, and general insurance.

The Bill also focuses on regulatory reforms by strengthening the role and powers of the Insurance Regulatory and Development Authority of India (IRDAI). It is expected to simplify licensing norms, rationalise penalties, and enable faster decision-making. This could improve ease of doing business for insurers while ensuring stricter oversight to prevent mis-selling and unfair practices.

Another major area of reform is market expansion and innovation. The New Insurance Bill 2025 encourages the use of digital platforms, insurtech solutions, and innovative products to reach underserved and rural populations. Micro-insurance, customised health plans, and disaster-related coverage are likely to get a boost, supporting the broader goal of insurance for all.

The Bill is also seen as a step towards making India’s insurance sector more globally competitive. By improving governance standards and possibly revisiting rules related to capital and foreign investment, the government aims to attract long-term investment and improve the financial strength of insurance companies. A stronger insurance sector is crucial for economic stability, infrastructure financing, and social security.

However, the proposed reforms have raised important concerns and debates. Critics caution that excessive liberalisation may prioritise profitability over social objectives. There are also questions about affordability of premiums, regulatory capacity, and whether smaller insurers will be able to cope with increased compliance requirements. Consumer groups stress the need for strict enforcement to ensure that reforms truly benefit policyholders.

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