(RTTNews) - Indian Government Friday approved the insurance bill that sought to raise the foreign direct investment or FDI in private sector to 49% from 26% and said it would be tabled in Parliament in December, reported PTI.

Finance Minister P.Chidambaram reportedly said the Union cabinet approved the introduction of the Insurance Amendment bill 2008 for amendment to Insurance Act 1938, General Insurance Business Act, 1972 and Insurance Regulatory and Development Act, 1999 in the Rajya Sabha on the basis of recommendations made by group of ministers.

The amendments would remove archaic and redundant provisions in the legislations and would incorporate certain provisions to provide Insurance Regulatory and Development Authority
with flexibility to discharge its functions effectively and efficiently, he said.

The minister said the Bill is unlikely to be passed in this session of Parliament mainly due to lack of time and added that the cabinet also decided to introduce the Life Insurance Corporation (Amendment) Bill, 2008 in the Lok Sabha.

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