The Rajya sabha on 12-03-15 gave the go ahead to the insurance bill , raising the ceiling for foreign investment in the sector.
The upper house’s nod for the insurance laws (amendment) Bill, 2015, puts parliament seal of approval on the legislation, which seeks to raise the overseas investment cap in insurance companies to 49% from 26%. The Lok Sabha on 4 March approved the bill Which will become an Act when President signs it.
The enactment of the bill will also raise the foreign investment cap in the pension sector since it was linked to the ceiling in the insurance sector at the time of the passage of The Pension Fund Regulatory and Development Authority bill 2013.
