The bill made its way after a logjam of six years.
Soon after Lok Sabha’s nod on Insurance bill last week, the Rajya Sabha has given its go ahead to the much awaited insurance bill yesterday, paving way for the implementation of 49% foreign direct investment in the insurance sector. The bill has been cleared after a logjam of six years.
The bill was passed from the support of opposition parties like Congress, Biju Janta Dal (BJD) and Nationalist Congress Party (NCP).
Earlier, the BJP led government had taken ordinance route to pass the Insurance bill.
Along with the hike in FDI in insurance, the bill has a provision relating to agent commissions. The bill will give IRDAI the flexibility to review, monitor and decide the commission structure of insurance agents.