Insurance Bill passed in Lok Sabha, to face real test in Rajya Sabha

The Lok Sabha on Wednesday passed the Insurance Bill, which aims to increase foreign investment limit in local insurers to 49 per cent from 26 per cent.

The passage of the Bill in both the houses of Parliament is critical to make an executive order, which Prime Minister Narendra Modi's administration issued in December, permanent.

The Bill now faces its real test in the Rajya Sabha, where the ruling Bharatiya Janata Party (BJP) is in a minority and is dependent on Opposition parties to pass the legislation.

(Reuters)