The General Insurance Business (Nationalisation) Amendment Bill, 2021 enables the government to privatise state-owned general insurance companies. Currently, the government owns 4 general insurance companies ? Oriental Insurance Company, National Insurance Company, United India Insurance Company and New India Assurance Company.
The Bill will make changes in the General Insurance Business (Nationalisation) Act, 1972. It removes the provision requiring the government to hold at least 51 per cent of the shareholding, enables full privatisation and makes the director liable for any acts of omissions or commissions committed with his knowledge and consent.