In this packed Parliament’s Monsoon session, the Union government is likely to discuss a total of 31 bills, but “Insurance Bill 2023’ for which the government has earlier sought approval of the Union Cabinet, is not included in the list
New Delhi:
The Insurance Bill 2023 may be ready, but the government hasn’t listed its tabling in the ongoing monsoon session of the Parliament which is starting today and scheduled to continue till Aug 11.
It was expected that the government to table the Insurance Bill 2023' in the monsoon session of the Parliament for replacing the `Insurance Act 1938′.
The Insurance Act 1938’ will be repealed after the passage of the `Insurance Bill 2023’ in the Parliament.
In this packed Parliament session, the Union government is likely to discuss a total of 31 bills, but “Insurance Bill 2023’ for which the government has earlier sought approval of the Union Cabinet, is not included in the list.
The department of financial services(DFS) had extensively worked on preparing the `Insurance Bill 2023’ in the last few weeks with the hope that it may be tabled in the monsoon session of the Parliament.
“Though, the government still can table the bill, but the chances are extremely remote,” said the ministry of finance sources.
Some of the Bills which are listed for discussion in the Parliament are- The Digital Personal Data Protection Bill, 2023,The National Dental Commission Bill, 2023,The Drugs, Medical Devices, and Cosmetics Bill, 2023,The Registration of Births and Deaths (Amendment) Bill, 2023,The National Nursing and Midwifery Commission Bill, 2023,
The Forest (Conservation) Amendment Bill, 2023,The Biological Diversity (Amendment) Bill, 2022,The Mediation Bill, 2021.
From the legislative point of of view, enacting the Insurance Act 2023’ by repealing the Insurance Act 1938′ will be a simple exercise as its doesn’t involve any major changes.
Asia Insurance Post had earlier reported that the government had already dropped its earlier plans to amend the IRDAI Act 1999 that would have ensured major reforms for the Indian insurance sector.
Major reforms proposals like composite license’, differential capital’, reduction in solvency norms’, issuing captive license’, change in investment regulations’, one-time registration for intermediaries’ and `allowing insurers to distribute other financial products’, earlier announced by the government for seeking public comments, have suddenly been shelved for unknown reasons.