Govt set to introduce Bill to hike FDI in insurance sector to 100 pc in Parliament
New Delhi (PTI): The government is planning to introduce a Bill in Parliament this week to raise FDI in the insurance sector to 100 per cent, with a view to providing insurance to all by 2047.
The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, seeks to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and the Insurance Regulatory and Development Authority Act, 1999, according to the Bill circulated to members of Parliament ahead of its introduction in Parliament.
The amendment will raise the Foreign Direct Investment limit in the insurance sector from 74 per cent to 100 per cent, it said.
Despite the Bill to hike FDI in the insurance sector to 100 per cent, one of the top officials — Chairman, Managing Director, or CEO — must be an Indian citizen.
It also paves the way for the merger of a non-insurance company with an insurance company.
The Bill received the Union Cabinet's nod on Friday, paving the way for its introduction in Parliament.
The Bill further aims to accelerate the growth and development of the insurance sector and to ensure better protection of policyholders, as per the statement of objects and reasons.
The Bill provides for the establishment of the Policyholders' Education and Protection Fund to protect policyholders' interests.
It would also improve the ease of doing business for insurance companies, intermediaries, and other stakeholders, bring transparency to regulation-making, and enhance regulatory oversight over the sector, it said.
With regard to the term of office of the Chairperson and other whole-time members, the Bill provides for a five-year term or until they attain the age of 65 years, whichever is earlier, it said.
At present, the upper age limit for whole-time members is 62 years, while for the Chairman it is 65 years.
Finance Minister Nirmala Sitharaman, in this year's Budget speech, proposed to raise the foreign investment limit to 100 per cent from the existing 74 per cent in the insurance sector as part of new-generation financial sector reforms.
So far, the insurance sector has attracted Rs 82,000 crore through foreign direct investment (FDI).
The amendments to the LIC Act propose empowering its board to take operational decisions, such as branch expansion and recruitment.
The proposed amendment primarily focuses on promoting policyholders' interests, enhancing their financial security, and facilitating the entry of additional players into the insurance market, thereby driving economic growth and employment generation.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
