Parliament Passes Insurance Amendment Bill

12 March, New Delhi

Parliament has passed Insurance amendment Bill 2015 Thursday , with the Rajya Sabha approving it by Voice Vote today.

However, TMC, BSP, SP and JD(U) walked out just before the Bill was put to vote.

The bill aims at replacing the old and redundant provisions of the Insurance Acts and seeks to enhance Foreign Direct Investment cap from 26 to 49 per cent. It will replace ordinance promulgated in this regard.The Lok Sabha had passed the Bill last week.

Replying to the debate, Minister of State for Finance Jayant Sinha said, insurance sector is very diverse, but in India it is not fully grown and needs more investment.

Earlier, the House witnessed noisy scenes over the Bill. As soon as the House took up the bill for consideration and passing in the post-lunch session, P Rajeev of the CPI (M) raised a procedural issue over the Bill. He asked the Chair to give a ruling saying that there are two substantially identical Bills before the House.

Responding to this, Deputy Chairman P J Kurien observed that the Insurance Laws (Amendment) Bill, 2015 as passed by the Lok Sabha should be taken up for consideration. Minister of State for Finance Jayant Sinha withdrew the old bill, which was pending in the House.