Insurance bill passed by Rajya Sabha

Despite opposition protests, the Rajya Sabha on Thursday passed the insurance sector amendment bill, which seeks to hike the foreign equity cap on domestic companies from 26 percent to 49 percent.

Formally called the Insurance Laws (Amendment) Bill, the measure seeks to replace an ordinance that was promulgated during the inter-session period.

The bill has already been passed in the Lok Sabha on March 4.