New Delhi [India], March 22 (ANI): Nationalist Congress Party MP Supriya Sule on Monday said that when Insurance (Amendment) Bill, 2021 was introduced by the UPA the BJP leaders objected to it and asked what made the government changed its stance on it.
The Insurance (Amendment) Bill, 2021 was passed in Lok Sabha on Monday.
"This Bill (Insurance (Amendment) Bill, 2021*) was brought in by UPA and Sushma Swaraj-Arun Jaitley had objected to it. I ask Finance Minister and Government what made them change mind because when Chidambaram had brought it, you spoke vociferously against it," Supriya Sule said in the Lok Sabha.
The Parliament on Monday passed a bill that raises the limit of foreign investment in Indian insurance companies from existing 49 per cent to 74 per cent.
Insurance (Amendment) Bill, 2021 was passed by Lok Sabha on Monday after it was passed by Rajya Sabha last week.
Replying to the debate in Lok Sabha, Finance Minister Nirmala Sitharaman said that policy holders' funds will not go out.
"FDI will be fairly established, it will not only bring in the capital but greater competition. Consumers will have more choices, there'll be best practices brought in from across the world," she said.
"Private insurers have to meet the insurance regulator's solvency margin norm of 150 per cent. Raising FDI to 74 per cent is important for private insurers to raise money and maintain that solvency ratio," she added. (ANI)