Discrepancies in Insurance Amendment Bill, House panel must re-examine: Kharge

He added the bill has a provision that will allow companies that invest in insurance companies to later take their ownership and control.

Mallikarjun Kharge, the Leader of the Opposition in Rajya Sabha, has reiterated the demand for sending the Insurance (Amendment) Bill, 2021, to a standing committee for further examination.

Congress MP Mallikarjun Kharge speaks in Rajya Sabha during the ongoing Budget Session of Parliament, in New Delhi, Friday. (PTI)

“There are many discrepancies in the bill. We demand that this should be sent to a standing committee,” Kharge said at a joint press conference with other Opposition parties. He added the bill has a provision that will allow companies that invest in insurance companies to later take their ownership and control.

Opposition parties on Thursday protested in Rajya Sabha against the bill for an increase in foreign direct investment in the insurance sector to 74% from the existing 49%. The bill seeks to remove restrictions on the ownership and control of insurance companies. This would enable foreign companies to own and control insurance firms in India.

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The Opposition parties sought scrutiny of the bill by a parliamentary standing committee. But the Upper House approved the proposed law. Rajya Sabha was adjourned four times on Thursday as Union finance minister Nirmala Sitharaman moved the bill for amendment to the Insurance Act, 1938, for consideration and passage in the House.