Insurance Amendment Bill On FDI Unlikely Now

New Delhi: Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, may not be introduced in Parliament in the ongoing session, sources said. Some fine tuning may be required in the draft Bill after receiving comments from stakeholders, sources said. Given the paucity of time, it is difficult to present the Bill in the ongoing session, sources said, adding it may, however, and come in the Budget session.

The finance ministry has proposed to amend various provisions of the Insurance Act, of 1938, including raising foreign direct investment (FDI) in the insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite license. The Department of Financial Services (DFS) has sought public comments on the proposed amendments by December 10.