Title: The Insurance Regulatory and Development Authority Bill, 1999 (Not concluded).
1716 hours
THE MINISTER OF FINANCE (SHRI YASHWANT SINHA): Sir, I beg to move:
“That the Bill to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972, be taken into consideration.”
Sir, as you are aware, in my Budget Speech of 1998-99, I had proposed the opening up of the insurance sector to competition from private sector Indian companies in order to provide better insurance coverage to our citizens and also to augment the flow of long-term resources for financing infrastructure. The Insurance Regulatory and Development Authority was also to be converted into a statutory body. Accordingly, the Insurance Regulatory Authority Bill, 1998 was introduced in the Lok Sabha on 15.12.1998. The Bill was referred to the Standing Committee on Finance on 4.1.1999 for examination and report.
MR. DEPUTY-SPEAKER: Hon. Minister, please wait for a minute. As the House is aware, no panel of Chairman has been constituted. So, with the permission of the House, I would request Shri Basu Deb Acharia to come and occupy the Chair.
SEVERAL HON. MEMBERS: Yes.
1717hrs. (Shri Basu Deb Acharia – in the Chair)
SHRI YASHWANT SINHA: Mr. Chairman, Sir, as I was submitting before you, the Bill was referred to the Standing Committee on Finance on 4.1.1999 for examination and report. The recommendations of the Standing Committee have been accepted by the Government. This is one instance where all the recommendations of the Standing Committee have been accepted by the Government.
SHRI RUPCHAND PAL (HOOGLY): Have you accepted the Dissent Note also?
SHRI YASHWANT SINHA: The Dissent Notes are Dissent Notes. They are not part of the report. The amendments to the IRA Bill, 1998 were introduced in the Lok Sabha on 18 March, 1999.
However, the Bill could not be taken up for consideration consequent on the dissolution of the Lok Sabha. The Insurance Regulatory and Development Authority Bill, 1999 which is before the House incorporates the provisions of the IRA Bill, 1998 along with the recommendations of the Standing Committee on Finance as accepted by the Government.
I commend the Bill for the consideration of the House.
“That the Bill to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972, be taken into consideration.”
There are some amendments to the motion for consideration. Shrimati Geeta Mukherjee.
SHRI AJOY CHAKRABORTY (BASIRHAT): I beg to move:
“That the Bill be circulated for the purpose of eliciting opinion thereon by the 6th March, 2000.” (1)
“>MR. CHAIRMAN : Amendments Nos. 3 and 4 are in my name. I am moving them as a Member and not as Chairman.
“>”That the Bill be circulated for the purpose of eliciting opinion thereon by the 7th March, 2000.” (3)
“>”That the Bill to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972, be referred to a Joint Committee of the House consisting of 15 members, 10 from this House, namely:-
“>(1) Shri Samar Chowdhury
“>(2) Shri Moinul Hassan
“>(3) Shri Bir Singh Mahto
“>(4) Shri Sanat Kumar Mandal
“>(5) Shri Hannan Mollah
“>(6) Smt. Geeta Mukherjee
“>(7) Shri Rupchand Pal
“>(8) Prof. R.R. Pramanik
(9) Shri Yashwant Sinha