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Insurance, pension Bills to be tabled in Budget session

The government will move The Insurance Laws (Amendment) Bill, 2008 and The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 during the Budget session, Finance Minister Pranab Mukherjee said on Friday.

twitter-logo IANS   New Delhi     Last Updated: March 16, 2012  | 14:20 IST

The government will move The Insurance Laws (Amendment) Bill, 2008 and The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 during the Budget session, Finance Minister Pranab Mukherjee said on Friday.

Presenting the Budget for 2012-13, Mukherjee said the government has received the reports of the parliamentary standing committees on finance that looked into these bills.

FULL COVERAGE: UNION BUDGET 2012
He said, "The official amendments to these bills will be moved in this session of the parliament."

The PFRDA Bill would covert the interim PFRDA into a full fledged authority defining its powers and duties. The interim PFRDA was set up in 2003.

The Insurance Laws (Amendment) Bill enables increase of foreign direct investment (FDI) in Indian insurance companies to 49 per cent from the current ceiling of 26 percent. The bill also does away with the provision of Indian promoters of insurance companies to reduce their stake to 26 per cent over a period of time.

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