Insurance Bill likely to be passed in current session: BJP

The Insurance Bill was heavily debated during the monsoon session of the Parliament in August, after which it was sent to a Select Committee of the Rajya Sabha

The Bharatiya Janata Party (BJP) on Tuesday said that the Insurance Bill is likely to be passed in the current session of the parliament as the suggestions made by various parties have been incorporated.

"It is heartening to know that the Insurance Bill which ought to have been passed in the last session is eventually likely to get passed in the house. Lot of suggestions from various parties have been incorporated, we hope that the bill will get maximum support in the House and gets passed," BJP spokesperson GVL Narasimha Rao told ANI.

"The select committee has made its recommendations, the select committee's report will be placed in Rajya Sabha and the bill will be taken up in the house," he added.

The Insurance Bill, which was heavily debated during the monsoon session of the Parliament in August, was sent to a Select Committee of the Rajya Sabha, after the government was unable to garner the opposition's support for it.

The Insurance Bill proposes to increase Foreign Direct Investment (FDI) limit in the insurance sector to 49% from the existing 26%. Various parties, including the CPI (M), the Trinamool Congress, the JD (U), the RJD and the Samajwadi Party have earlier opposed the bill.