The #Insurance Laws (Amendment) Bill, 2015 passed by Parliament

The Insurance Laws (Amendment) Bill, 2015 was passed by Parliament on March 12, 2015.4 The Bill replaced an Ordinance which was promulgated in December 2014. Key features of the Bill include:
  Foreign Shareholding: The composite foreign equity investment cap of 49% in Indian companies should be inclusive of all forms of foreign direct investment and foreign portfolio investments.
  Capital Requirements: In addition to defining a health insurance business, the Bill states that a company engaged exclusively in the health insurance business cannot register unless it has a paid up equity capital of Rs 100 crore. Additionally, a provision has been introduced stating that a foreign reinsurer has to have net owned funds of at least Rs 5,000 crore in order to register the insurance company.
  Appeals: According to the Act, the government can appoint an officer to ensure compliance of capital requirements by a general or life insurer. This decision can be appealed in the High Court. The Bill states that the appointment can be made by IRDA, and that this decision can be appealed in the Securities Appellate Tribunal.