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Insurance Bill introduced in LS amid opposition

A key economic reform bill, providing for raising the FDI cap in insurance sector to 49 per cent, was introduced in Lok Sabha on Tuesday amid stiff opposition by Left and TMC. The Insurance Laws (Amendment) bill, 2015, seeks to replace an ordinance issued by the government earlier, which had
come under sharp attack from various quarters.

The bill seeks to amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999. It provides for raising FDI cap in insurance sector from 26 per cent to 49 per cent.

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