Insurance bill likely in budget session
A comprehensive bill to reform the insurance sector will be tabled in Parliament by the end of the Budget session, Finance Minister P Chidambaram said on Wednesday.
By PTI |
NEW DELHI: A comprehensive bill to reform the insurance sector will be tabled in Parliament by the end of the Budget session, Finance Minister P Chidambaram said on Wednesday.
On Pension Fund Regulatory and Development Authority legislation, he said broadly there was a consensus but disagreement on two issues with the Left Parties.
"If I am able to resolve these issues with allies, there are good chances of tabling PFRDA bill in the current session of Parliament," he told captains of Indian Industry during his customary post-budget interaction.
Chidambaram had announced in the Budget that Insurance Regulatory and Development Authority was examining the Narasimhan Committee report on comprehensive law in insurance.
Once the recommendations are studied, a comprehensive bill would be readied which included raising the FDI cap on insurance from 26 per cent to 49 per cent.
Regarding the PFRDA bill, a Parliamentary Committee has already come out with its recommendations. It had suggested having FDI cap on Pension fund at the same level as that of Insurance sector.
On Pension Fund Regulatory and Development Authority legislation, he said broadly there was a consensus but disagreement on two issues with the Left Parties.
"If I am able to resolve these issues with allies, there are good chances of tabling PFRDA bill in the current session of Parliament," he told captains of Indian Industry during his customary post-budget interaction.
Chidambaram had announced in the Budget that Insurance Regulatory and Development Authority was examining the Narasimhan Committee report on comprehensive law in insurance.
Once the recommendations are studied, a comprehensive bill would be readied which included raising the FDI cap on insurance from 26 per cent to 49 per cent.
Regarding the PFRDA bill, a Parliamentary Committee has already come out with its recommendations. It had suggested having FDI cap on Pension fund at the same level as that of Insurance sector.
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