Insurance News: Government to push insurance, banking Bills in Winter Session

The government proposes to push through key economic reforms Bills in sectors like insurance, pension and banking in the forthcoming Winter Session of Parliament which begins. Insurance Bill, that seeks to raise foreign direct investment (FDI) cap in the sector from 26 per cent to 49 per cent figures in the list of official business for the session.

Banking Laws (Amendment) Bill, Companies Bill and Pension Fund Regulatory and Development Authority Bill, are among the economic legislations listed for consideration and passing.

Giving details of the legislations listed for consideration and passage, Parliamentary Affairs Minister Kamal Nath said the session will provide 20 sittings over a period of 29 days.

He said the session will mainly be devoted to essential government legislative and other business, including that related to Supplementary Demands for Grants for 2012-13.

As per the list, 25 Bills are listed for consideration and passing and 10 for introduction.

Finance Minister P Chidambaram in an interview to PTI had expressed hope that Parliament will be allowed to function smoothly and appealed to all parties to understand the “difficult times” faced by the economy and work with the government.

“Parties come, parties go. Economy of the country is above all parties…I am confident that everyone will recognise the need for a bipartisan approach in matters dealing with the economy,” he had said. .

The Companies Bill is aimed at updating the laws dealing with corporate sector, while PFRDA Bill seeks to give statutory power to the pension regulatory.

Among other things, the Banking Laws (Amendment) Bill proposes to raise the ceiling on voting rights of shareholders of nationalised banks from 1 per cent to 10 per cent and pave way for the central bank RBI to issue new bank licences.

The government also hopes for the passage of Prevention of Money Laundering (Amendment) Bill and Prevention of Bribery of Foreign Public Officials and Officials of Public International Organisations Bill in the session concluding December 20.

Introduction of Agricultural Bio-Security Bill, Merchant Shipping (Amendment) Bill, Coal Mines (Conservation and Development) Amendment Bill and Competition (Amendment) Bill are also on the agenda of the government.