The bill, which has been pending for long, was introduced by Minister of state for Finance Jayant Sinha after the Division of Votes, pushed for by Left and TMC. 131 votes were polled in favour and 45 against.
Left and TMC members contended that the House has no legislative competence as similar bill is pending in the Upper House. The bill is pending in Rajya Sabha. A bid to withdraw it from the Upper House last week was scuttled by opposition.
The Insurance Laws (Amendment) bill, 2015, seeks to replace an ordinance issued by the government earlier, which had come under sharp attack from various quarters
The bill seeks to amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999. It provides for raising FDI cap in insurance sector from 26 % to 49 %
Insurance Bill gets Lok Sabha Nod
The Insurance Laws (Amendment) Bill, which provides for raising the foreign investment cap from 26 percent to 49 % was passed by the Lok Sabha after a short debate on Wednesday March 04,2015
Minister of State for Finance Jayant Sinha, who piloted the Bill which has been pending since 2008, said the measure was crucial for the country as "our insurance penetration is low".
The bill will now have to pass the test of Rajya Sabha where BJP and its allies do not have majority and the government is critically dependent on the support of the Congress.
The bill, seeking to replace an Ordinance on the subject, is likely to be taken up by Rajya Sabha after the Holi holidays ending Sunday.
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