Insurance Bill with 100% FDI unlikely in winter session

INSURANCE AMENDMENT BILL, which proposes 100% foreign direct investment (FDI) in the insurance sector, may not be introduced in Parliament in the ongoing session, sources said.

- PRESS TRUST OF INDIA

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, come in the Budget session.

The finance ministry has proposed to amend various provisions of the Insurance Act, of 1938, including raising FDI in the insurance sector to 100%, reduction in paid-up capital, and provision for composite licence.