Women's quota Bill today
Tribune News Service

NEW DELHI, Dec 10 — The Government has proposed to introduce the Women Reservation Bill tomorrow and the Insurance Regulatory Authority Bill in Parliament preferably on Monday, the Parliamentary Affairs Minister, Mr Madan Lal Khurana said here today.

Announcing the move, Mr Khurana said the Government has included the Women Reservation Bill in tomorrow’s official list of business given to the Lok Sabha Speaker, Mr GMC Balayogi, but final decision would be taken by the latter.

Mr Khurana said the Congress has extended its support to the Bill as cleared by the Joint Select Committee of Parliament. The Bill is being introduced and will be taken up for consideration later, he pointed out.

Earlier, Mr Khurana said the Government has suggested that Insurance Regulatory Authority Bill 1998, could be introduced on Monday, but the final decision would be taken by the Speaker about it. The Patents Bill would also come up sometime next week, he said.

The proposed insurance Bill was meant to provide better insurance coverage to the citizens and also to augment the flow of long-term resources for financing infrastructure, Mr Khurana sought to justify the Bill adding that it has therefore been proposed to open the insurance sector to the private sector for better competition. The IRA would be converted into a statutory body.

The minister said the country needed 125 billion dollars for development of infrastructure for rapid economic development.

Defending the Government’s decision, Mr Khurana said it would not adversely affect the public sector Life Insurance Corporation of India (LIC) and the General Insurance Companies (GIC).

The Bill would protect the interests of policy holders, including in the matter of settlement of insurance claims, he said adding that no insurer would be allowed to invest, directly or indirectly, outside India, the funds of the policy holders.

The proposed authority would consist of a Chairperson and other members not exceeding nine in number, Mr Khurana said adding the IRA shall be bound by the directions of the Central Government on questions of policy.

The amendment of the LIC Act, 1956, forming part of this Bill provides that the exclusive privilege of the LIC shall cease so as to enable other Indian insurance companies to do life insurance business.

The Indian insurance companies will mean a company in which 26 per cent equity can be held by foreign companies, their subsidiaries etc, and up to 14 per cent equity shares, excluding the above, can be held by foreign institutional investors, NRIs and overseas corporate bodies.

The Patents Bill, which the Government proposes to introduce next week, proposes to provide grant of exclusive marketing rights in the fields of pharmaceuticals and agricultural chemicals, Mr Khurana said.