The session holds importance for the Indian insurance industry as the government is preparing `The Insurance Bill, 2023,’ that may be introduced in the Parliament during the monsoon session
`The Insurance Bill, 2023,’ focusses on changing `The Insurance Act 1938' by updating and simplifying some of its provisions, and wouldn't include any major reforms proposed earlier, said the ministry of the finance(MoF)sources
New Delhi:
Parliament’s Monsoon Session will start on July 20 and continue till August 11, Parliamentary Affairs Minister Pralhad Joshi said on Saturday.
The session will be spread across 23 days and will have 17 sittings, he said in another tweet in Hindi.
Making the announcement, he urged political parties to contribute towards productive discussions during the session.
The session is expected to be a stormy one as the Opposition parties were closing ranks to put up a united front against the Narendra Modi-led BJP in view of the Lok Sabha elections next year.
Aslo, Parliament is meeting at a time Prime Minister Modi made a strong pitch for a Uniform Civil Code and amid moves to step up consultations on the issue.
The session holds importance for the Indian insurance industry as the government is preparing The Insurance Bill, 2023,’ that may be introduced in the Parliament during the monsoon session.
`The Insurance Bill, 2023,’ focusses on changing `The Insurance Act 1938' by updating and simplifying some of its provisions, said the ministry of the finance(MoF)sources.
The purpose of `The Insurance Bill, 2023,’ is to consolidate and amend the law relating to the business of insurance and will be enacted by the Parliament in the 73rd years of the Republic of India,” said the preamble of the draft bill.
Orginally, on 29th November, 2022, with a much broader objectives of brining about much deeper and sharper reforms in the sector by enacting Insurance Laws(Amendment) Act, 2022, department of financial services (DFS) had invited public comments on proposed amendments to the Insurance Act,1938′ and `Insurance Regulatory and Development Authority Act, 1999,’ but now have been put on back burner by it.
Now, DFS has completely excluded amending Insurance Regulatory and Development Authority Act, 1999', within the ambit of `The Insurance Bill, 2023,” that would have enabled sweeping reforms in the sector,
Some of the proposals included in Insurance Laws(Amendment) Act, 2022 were for opening up registration to various classes, sub-classes and types of insurers with appropriate minimum capital requirements as specified by the IRDAI, allowing services to insurers that are incidental or related to insurance business as well as distribution of other financial products as specified by IRDAI, enabling newer channels of distribution, providing for efficient use of capital and resources,etc ,which have now been dropped now, confirmed the ministry sources.
The Monsoon Session is expected to commence in the old Parliament building and later move to the new building, sources said. The new building was inaugurated by Modi on May 28.
“Monsoon Session, 2023, of Parliament will commence from July 20 and continue till August 11. Urge all parties to contribute towards productive discussions on legislative business and other items during the session,” Joshi tweeted.
During the session, the government is likely to bring a bill to replace the Government of National Capital Territory of Delhi (Amendment) Ordinance.
The Ordinance effectively nullified the Supreme Court judgement that gave the Delhi government greater legislative and administrative control over “services” matter.
The National Research Foundation Bill, cleared by the Union Cabinet, is also likely to be introduced. The proposed foundation will be a new funding agency to bolster the country’s research competence in areas of science and technology.