In 1963, a new Marine Insurance Act for independent India was passed.

This also borrowed heavily from the English Marine Insurance Act, 1906.

However, as India began allowing private companies again in the insurance sector, Insurance Regulatory and Development Authority of India was formed in 1999.

It must have a licence from Insurance Regulatory and Development Authority of India.

[4][5] In March 2021, The Insurance (Amendment) Bill, 2021 was passed by the Parliament of India which increased the maximum permissible Foreign Direct Investment in the insurance sector to 74%, from the previous limit of 49%.