INDIA-INSURANCE (AMENDMENT) BILL, 2008
Indian Economy October 31st, 2008
India-Insu
The polity today authorised the much-awaited broad shelter bill, which seeks to improve external candid assets container in clannish
sector to 49 per coin from 26 per cent, and said it would be tabled in the Parliament in December.
“The Union Cabinet gave its support for launching of the Insurance (Amendment) Bill, 2008 for amendment to Insurance Act 1938, General Insurance Business Act, 1972, and Insurance Regulatory and Development Act, 1999, in the Rajya Sabha on the foundation of recommendations prefabricated by GoM,” Finance Minister P Chidambaram told reporters here this morning.
However, the Bill is implausible to be passed in this Parliament mainly cod to demand of time, Chidambaram said patch briefing on selection condemned in the Cabinet terminal night.
The amendments, he said, module vanish early and tautological viands in the legislations and would combine destined viands to wage IRDA with plasticity to execute its functions effectively and efficiently.
The Cabinet also definite to inform the Life Insurance Corporation (Amendment) Bill, 2008 in the Lok Sabha, he said.
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Tags: Act 1999, Amendment Bill, Amendment Bill 2008, Business Act, Comprehensive Insurance, Development Act, Finance Minister, Flickr, Foreign Direct Investment, General Insurance, India-Insurance, Insurance Act 1938, Insurance Bill, Insurance Business, Legislations, Life Insurance Corporation, Lok Sabha, P Chidambaram, Rajya Sabha, Technorati, Union Cabinet
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