On December 17, 2025, the Rajya Sabha passed the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, permitting 100% Foreign Direct Investment (FDI) in the insurance sector. This follows the Lok Sabha's approval of the Bill on December 16. The Upper House also approved the Repealing and Amending Bill, which repeals 71 outdated laws. Union Finance Minister Nirmala Sitharaman highlighted that "the structure of insurance regulation is very clearly laid out in the Bill, and the premium collected from Indians by foreign insurance companies will be kept in the country." She added, "Private sector insurance companies were participating in all welfare schemes of the Union government, and the Bill would ensure that foreign companies will also participate in social sector-related activities and government schemes. We are not giving them any room to get away from that responsibility." The increase to 100% FDI aims to attract more foreign companies that often struggle to find local joint venture partners. "With more companies, the competition will increase, and premiums should drop," Ms. Sitharaman said. Opposition members urged that the Bill be sent to a select committee due to its wide impact. Congress MP Shaktisinh Gohil warned of data privacy risks, stating foreign companies would demand PAN and Aadhaar cards, potentially leading to digital fraud. TMC's Saket Gokhale criticized the Bill for allowing profit extraction by foreign firms. DMK's Kanimozhi N.V.N. Somu called the Bill "daylight robbery," arguing it favors foreign investors over public sector insurance companies. Meanwhile, the Repealing and Amending Bill will remove 71 obsolete laws, including acts dating back to the 19th and early 20th centuries. Union Law Minister Arjun Ram Meghwal said, "We give priority to ease of living along with ease of doing business. These reforms are a step towards liberation from a colonial mindset." The Bills mark a significant step in India's insurance reforms and legal modernization.