The Ministry of Law and Justice (MoL&J), on December 21, 2025, issued the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, to further amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the Insurance Regulatory and Development Authority Act, 1999.
The following has been stated namely: -
• The Insurance Act, 1938, for the words “business of insurance”, wherever they occur, the words shall be substituted with:- “insurance business”
• In Insurance Act, 1938, section 2, clause (3), in sub-clause (ii), for the words “or city improvement trust in any presidency town, the word “; and” shall be substituted.
• In the Insurance Act, 1938, section 2, sub-clause (iv) shall be omitted;
[Notification No. 40 of 2025]
