<p> A controversial bill providing for raising the FDI cap in insurance sector to 49 per cent was introduced in Rajya Sabha today but not before a heated debate and adjournments over technicalities as a similar legislation was pending in the House.<br /><br /></p>.<p>The Insurance Laws (Amendment) Bill, 2015 was introduced after Deputy Chairman P J Kurien ruled that the new bill, as passed by the Lok Sabha, could be taken up as it was a "unique and unprecedented" situation.<br /><br />Members from Left parties, TMC and SP were questioning how a new bill could be introduced when a similar legislation of 2008, which was scrutinised by a Select Committee of Parliament, was pending.<br />They contended that the House is setting a "wrong precedent" by not appoving its listing by the Business Advisory Committee.<br /><br />Kurien acknowledged that the situation was "unique and unprecedented" but it is up to the House to either allow, withdraw or reject the Bill.<br /><br />The bill seeks to replace an ordinance issued by the government earlier, which had come under sharp attack from various quarters.<br /><br />With the House witnessing heated discussions, it was adjourned twice, once for 10 minutes and then again for 30 minutes.<br /><br />The bill was then taken up for consideration and the previous Bill was withdrawan by Minister of State for Finance Jayant Sinha.<br /><br />It seeks to amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999.<br /><br />It provides for raising FDI cap in insurance sector from 26 per cent to 49 per cent.<br />The Lower House had passed the Bill on March 4.<br /></p>
<p> A controversial bill providing for raising the FDI cap in insurance sector to 49 per cent was introduced in Rajya Sabha today but not before a heated debate and adjournments over technicalities as a similar legislation was pending in the House.<br /><br /></p>.<p>The Insurance Laws (Amendment) Bill, 2015 was introduced after Deputy Chairman P J Kurien ruled that the new bill, as passed by the Lok Sabha, could be taken up as it was a "unique and unprecedented" situation.<br /><br />Members from Left parties, TMC and SP were questioning how a new bill could be introduced when a similar legislation of 2008, which was scrutinised by a Select Committee of Parliament, was pending.<br />They contended that the House is setting a "wrong precedent" by not appoving its listing by the Business Advisory Committee.<br /><br />Kurien acknowledged that the situation was "unique and unprecedented" but it is up to the House to either allow, withdraw or reject the Bill.<br /><br />The bill seeks to replace an ordinance issued by the government earlier, which had come under sharp attack from various quarters.<br /><br />With the House witnessing heated discussions, it was adjourned twice, once for 10 minutes and then again for 30 minutes.<br /><br />The bill was then taken up for consideration and the previous Bill was withdrawan by Minister of State for Finance Jayant Sinha.<br /><br />It seeks to amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999.<br /><br />It provides for raising FDI cap in insurance sector from 26 per cent to 49 per cent.<br />The Lower House had passed the Bill on March 4.<br /></p>