Narendra Modi led BJP government introduced the Insurance Bill replacing the Ordinance issued last year. The Insurance Laws (Amendment) Bill, 2015, seeking higher foreign equity participation in Indian insurance companies, was introduced in the Lok Sabha today although it is still pending in Rajya Sabha.
The Bill was first introduced in Rajya Sabha in 2008 but non concurrence amongst parties stalkled its passage since. Even today, it has not been withdrawan from the Upper House. The Bill allows foreign investors to raise stake to 49 percent from the current 26 percent in Indian insurance companies. Lok Sabha saw huge pandemonium with the Opposition objecting to its introduction saying it is still pending in Rajya Sabha.
Curated from: Insurance Bill tabled in Lok Sabha amid opposition