Will continue to oppose Insurance Bill, says Yechury

Communist Party of India (Marxist) Politburo member Sitaram Yechury on Tuesday said his party will continue to oppose the Insurance Amendment Bill, which is likely to be tabled in the Rajya Sabha today.

"We have given our note of dissent, we have opposed it all along and therefore the bill has not seen the light of the day for 10 years. We will continue to oppose it," Yechury told media persons here.

The Union Cabinet had earlier approved the official amendments to the Insurance Laws (Amendment) Bill, 2008 and its introduction in the Rajya Sabha.

The bill is aimed at removing archaic and redundant provisions in the relevant legislations and to enable the insurance sector to work for the betterment of the insured.

Earlier, the Insurance Bill was heavily debated during the monsoon session of the Parliament in August and 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 percent from the existing 26 percent. Various parties, including the CPI (M), the Trinamool Congress, the JD (U), the RJD and the Samajwadi Party have earlier opposed the bill.