The Finance Ministry is considering to make it mandatory for all private general insurance companies to provide third party motor insurance, which is presently optional for them.
"The Left Parties have also supported the move to make it mandatory for the private insurance companies to sell third party motor insurance, which is presently done mostly by public sector insurance companies," said a finance ministry official.
He said these are some of the provisions that are being pushed by the Finance Ministry through amendments in the Insurance Act, 1938. The Left parties are, however, opposing the Bill, as it also entails a provision of raising the FDI limit from 26 per cent to 49
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