Bill to amend insurance laws likely in session: FM
Friday, December 22, 2006 12:51 [IST]
 New Delhi: Finance Minister P Chidambaram yesterday (Dec 21,2006) said the Bill seeking to comprehensively amend insurance laws could be introduced in Parliament in the first week of the Budget session. The changes proposed by the Bill includes raising Foreign Direct Investment cap in the sector from 26 to 49 per cent. It also seeks amendments to the Insurance Act of 1999, LIC Act, 1956 and IRDA Act, 1999.
The Bill is likely to be tabled in the first week of the Budget session, he told reporters at a function here.
Earlier in the day, he had said that the Union Cabinet discussed the issue of amending various insurance laws and referred the matter to a Group of Ministers.
Chidambaram had exuded confidence that the GoM would not take more than two sittings to give its views on the matter. |
