The union cabinet Wednesday approved official amendments to the Insurance Laws (Amendment) Bill, 2008 and their introduction in the Rajya Sabha when the bill is taken up for consideration and passing.
The decision was taken at meeting of cabinet chaired by Prime Minister Narendra Modi.
"The bill is aimed at removing archaic and redundant provisions in the relevant legislations and to enable the insurance sector to work for the betterment of the insured with greater efficacy," an official release said.
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