Zee Media Bureau
New Delhi: The Parliamentary Panel is likely to finalise and submit its report on Insurance Bill by December 12, reports said on Monday.
The Narendra Modi-led government is ensuring that the Select Committee on Insurance Bill submits its report by the December 12 so that it can push through the draft in the ongoing Winter session.
The Select Committee has accepted 88 amendments moved by the previous UPA regime. The Parliament Panel on Insurance Bill will meet on Tuesday and Wednesday.
In the run up to the Winter Session, Finance Minister Minister Arun Jaitley had said that the government was committed to passing the FDI in Insurance Bill, the Coal Ordinance and the constitutional Amendment Bill on Goods and Services Tax.
The proposal to raise FDI cap has been pending since 2008 when the previous Manmohan Singh-led government introduced the Insurance Laws (Amendment) Bill to hike foreign holding in insurance joint ventures to 49 percent from the existing 26 percent.
The insurance sector was opened up for private sector in 2000 after the enactment of the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999).
