Insurance Bill passed in Rajya Sabha


New Delhi: Giving a major boost to Prime Minister Modi’s reformist policies the long-pending bill providing for raising foreign investment cap in insurance was passed by Rajya Sabha after main Opposition Congress and some other parties came on board.The passing of the Insurance Laws (Amendment) Bill, 2015 in the Rajya Sabha where the rulling NDA government is a minority, was possible with the help of Opposition parties like Congress, AIADMK, the Nationalist Congress Party and Biju Janata Dal besides allies Shiv Sena and Akali Dal.

The controversial Insurance Laws (Amendment) Bill, 2015, which replaced an ordinance promulgated in December last year, was passed by voice vote after walkout by Trinamool Congress and DMK.

The original bill, which was brought by Congress in 2008, was withdrawn and the new bill was passed after a debate of about two-and-a-half hours.

The bill, which was passed by Lok Sabha on March 4, provides for raising the foreign investment cap in insurance sector from 26 per cent 49 per cent and is expected to bring in funds to the tune of thousands of crores.