General insurers may soon be allowed to sell services such as gym memberships, vehicle repairs, and other diagnostic services in addition to their core insurance offerings, two government officials aware of the development said.
The government intends to allow the insurers to expand their product range by offering services and products related to their insurance operations, one of the officials said, requesting anonymity. The proposed changes would be implemented through amendments to the Insurance Act, the official said; adding the changes would also boost the value of insurance distribution operations.
The government is currently finalizing the draft of the Insurance Laws (Amendment) Bill, 2022, which is likely to be introduced during the monsoon session of Parliament after Cabinet approval. The proposed legislation will not only offer insurance companies new opportunities but also usher significant reforms within the insurance industry, including introducing composite insurance licences and easing entry barriers for insurers.
この記事は Mint Mumbai の April 04, 2023 版に掲載されています。
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