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Rajya Sabha approves insurance bill

India's Parliament approved the Insurance Regulatory and Development Authority Bill 1999.

This would open up the insurance sector for private companies with foreign equity not exceeding 26 per cent.

In the Rajya Sabha today, 116 members for the bill and 51 against it. There was one abstention. The Left staged a walk-out.

The bill, which had been debated yesterday and today for nearly six hours, was vehemently opposed by the non-Congress opposition.

The backing of the Congress was essential for the passage of the bill in the Upper House where the government does not have a majority.

There were six motions by the non-Congress parties seeking the bill to be referred to the house select committee after Finance Minister Yashwant Sinha dismissed these attempts as an effort to delay the process.

When Deputy Chairperson Najma Heptulla, who was chairing the proceedings, put the motion of Ramashankar Kaushik to vote, it was defeated by a voice vote.

The next motion of Gurudas Dasgupta was defeated 116-52 with the Congress and Bahujan Samaj Party supporting the government after the opposition sought division.

Four other motions to this effect were rejected by voice vote.

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