A seven-year long wait came to an end when the Rajya Sabha on Thursday passed the Insurance Laws (Amendment) Bill, 2015. On Wednesday March 4, the Lok Sabha had passed the Insurance Bill to increase foreign investment limit in local insurers to 49 percent from 26 percent. Narendra Modi led BJP government introduced the Insurance Bill replacing the Ordinance issued last year. The Insurance Laws (Amendment) Bill, 2015, seeking higher foreign equity participation in Indian insurance companiesThe Bill was first introduced in Rajya Sabha in 2008 but non concurrence amongst parties stalkled its passage since.
Source: Moneycontrol
