Insurance Schemes — Amendments

Amendment	Year	Description	Impact
Insurance Laws (Amendment) Act	2015	Increased FDI limit in insurance from 26% to 49% and allowed foreign companies to operate in India through subsidiaries, joint ventures, or branches. Enhanced IRDAI's regulatory powers and introduced provisions for insurance repositories.	Facilitated greater private sector participation in government insurance schemes, improved capital availability for expansion, and enhanced regulatory framework for better consumer protection and scheme implementation.
IRDAI (Microinsurance) Regulations	2015	Comprehensive regulations for microinsurance products including simplified procedures, relaxed documentation requirements, and provisions for group insurance. Enabled distribution through various channels including NGOs, SHGs, and microfinance institutions.	Provided regulatory framework for government insurance schemes targeting low-income populations, simplified enrollment processes, and enabled innovative distribution mechanisms for better penetration.