Insurance Laws Bill Likely To Be Tabled In Monsoon Session

Bill was delayed as finance ministry sought to add provisions on FDI, ease of operational issues

- Subhash Narayan & Rhik Kundu

The Insurance Laws (Amendment) Bill, which proposes sweeping reforms, is likely to be tabled in the monsoon session of Parliament in July, two people aware of the matter told Mint.

The bill, originally slated for the recently concluded budget session, was delayed as the finance ministry sought to add provisions on 100% foreign direct investment (FDI) and ease of operational considerations for foreign investors, requiring fresh vetting by the law ministry before being sent for cabinet and legislative approval.

"The government could have considered an ordinance for immediate implementation, but since several provisions required time for regulatory and industry readiness, finalizing the bill with full details before seeking Parliamentary approval was preferred," the first person mentioned above said, requesting anonymity.

"With the finance ministry clearing the bill, cabinet approval could come soon," the person mentioned above added.