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The Lok Sabha has passed the Insurance Laws Amendment Bill 2015 replacing the related ordinance promulgated in January to raise the limit of foreign direct investment (FDI) in the sector from 26 to 49 per cent. The Bill, however, mandates full Indian control of the insurance firm effectively implying that foreign investors can’t appoint their CEOs. The passage of the Bill by the LS brings some movement to an 11-year-old deliberation on the need to change insurance laws. The Law Commission had in June 2004 recommended large-scale changes in all insurance laws. Consequently, a panel was set up and the first Insurance Laws Amendment Bill was drafted by the UPA in 2006. This was referred to a GoM which recommended that the LIC Act 1956 be dealt with separately while Insurance Act 1938; General Insurance Business Nationalization Act 1972 and the IRDA Act be amended as one. The passage by LS is however half the job done with the RS hurdle remaining. But the government is moving ahead to create a condition to take the Bill to a joint session of Parliament as one House has now passed it.
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