Government, opposition parties discuss Insurance Laws (Amendment) Bill, 2008

Press Information Bureau
Government of India
Ministry of Parliamentary Affairs

04-August-2014 13:03 IST

Government, opposition parties discuss Insurance Laws (Amendment) Bill, 2008
Agree to hold another meeting
Government voices concern over inadequate insurance coverage in the country

The government and leaders of parties opposing the Insurance Laws (Amendment) Bill, 2008 and other parties in the Rajya Sabha today held a meeting to share each other’s concerns in the matter.

Congress leader Shri Anand Sharma said his party wanted clarity on the implication of the proposed Bill inter alia, on the settled definition of ‘Foreign Direct Investment’ given the composite nature of 49% FDI proposed in Insurance Sector, including Foreign Institutional Investment.

Finance Minister Shri Arun Jaitely in his response said, the language and contents of the proposed Bill were that of the UPA government only and no major new amendments were proposed. He noted that most of the amendments suggested by the Standing Committee related to change of dates and numericals and are not consequential. He said the government is ready to consider whatever changes/formulation to be suggested by the Congress Party right away.

Shri Jaitely and Parliamentary Affairs Minister Shri M.Venkaiah Naidu voiced concern over grossly inadequate insurance coverage to the people of the country. They referred to the need to enable sufficient capital flows into insurance sector.

At this stage, Shri Naidu suggested that Congress and other parties who had reservations about some of the proposed amendments may discuss among themselves and come out with their suggestions which can be discussed at another meeting in the next one or two days. This suggestion was accepted. Shri Naidu further said given the government’s willingness to consider suggestions of the opposition in the matter, Congress and other parties should enable passing of the Insurance Laws (Amendment) Bill, 2008 in the current Budget Session. He assured the leaders of other parties, that government is ready for a detailed discussion on the Bill in Rajya Sabha.

Shri Arun Jaitely, Shri M.Venkaiah Naidu, Shri Santosh Gangwar, Shri Prakash Javdekar represented the government at today’s meeting convened by the Parliamentary Affairs Minister.

Shri Anand Sharma and Shri Satyavrat Chaturvedi of Congress, Shri Ramgopal Yadav(Samajvadi Party), Shri Satish Chandra Misra (BSP), Shri K.C Tyagi (JDU), Shri Praful Patel (NCP), Shri Mukul Roy and Shri Derek O’Brien(AITMC), Shri Kalpataru Das (BJD) and Ms.Kanimozhi (DMK) attended the meeting.