Pending Insurance Laws (Amendment) Bill to be tabled in Parliament
Soon; Finance Minister
The Finance Minister Shri Arun Jaitley in his maiden Budget Speech
announced that the pending Insurance Laws (Amendment) Bill will immediately be
brought for consideration of the Parliament. The Finance Minister said benefits
of insurance in India have not reached to a large section of the people as
insurance penetration and density are very low. The Finance Minister Shri
Jaitley assured that the Government would work addressing this situation in
multi-pronged manner with support of all stake holders concerned. Finance
Minister also announced that as a part of the legislative initiatives under the
financial sector reforms, it is proposed to bridge the regulatory gap under the
Prize Chits and Money Circulation Scheme (Banking) Act, 1978. This will
facilitate effective regulation of companies and entities which have duped a
large number of poor and vulnerable people in the country, the Minister added.
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