above said that the finance ministry is working on the Insurance Amendment Bill, which will also redefine insurance. The bill is expected to be presented in Parliament's budget session after securing Cabinet approval, the person added. This will allow the Centre to notify any other or ancillary business that insurance companies may be permitted to undertake beyond their core operation of providing insurance and risk coverage products to customers in consultation with Irdai, the person added.
A query emailed to the finance ministry remained unanswered till press time.
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