FM to move Insurance Bill in RS today

Finance Minister P. Chidambaram is likely to move the long-pending Insurance Bill in the Rajya Sabha on Tuesday, which seeks to raise the foreign direct investment cap to 49 per cent in the sector from the existing 26 per cent.

The Insurance Laws (Amendment) Bill, 2008, is listed for Tuesday’s business schedule of the upper house for consideration and passage. The comprehensive bill seeks to further amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972, and the Insurance Regulatory and Development Authority Act, 1999.