Insurance Laws (Amendment) Act, 2015
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Legislative action — a bill, act, or amendment that creates or modifies the legal framework. Carries binding force and shapes the rules under which citizens, institutions, and markets operate.
Summary
Raised FDI cap in insurance sector from 26% to 49%, strengthened IRDA's regulatory powers, and allowed Lloyd's of London to operate in India. Aimed to increase insurance penetration and capital inflows.
Key Facts
Type Legislation
Source Historical Record
Published Monday, 23 March 2015
Affected Population 1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
Key Authorities
Key Stakeholders
Government Context
NDA I BJP-led NDA
Left Centre Right