"There will not be any major changes in the IRA bill which was tabled in the Rajya Sabha by the previous government," special secretary (insurance), BK Chaturvedi said after a prize distribution function of Postal Life Insurance (PLI).

The IRA bill had proposed an equity cap of 26 per cent for foreign insurance companies planning to start operations in the country.

When asked whether the bill would be tabled in the coming session of parliament, he said it was upto the cabinet to take a decision.

Finance minister Yashwant Sinha had said that the new government would introduce the bill in the first few days itself.

Stating that the Government was committed to opening up of insurance sector, Chaturvedi said this was aimed at bring in the much needed competition to the sector.

Currently, the government-owned insurance companies have an asset base of Rs 1,33,000 crore. "Though the figure is high, there is a long way to go as only 13 per cent of the population is insured," he said adding that this should go upto at least 30-40 per cent of population.

Chaturvedi said he expected the domestic players to face competition, once the sector was thrown open to private players on two fronts, namely the cost and the product portfolio.

On the PLI sector, Chaturvedi said he forsaw no competition as the government controlled sector had reached out successfully to all parts of the country.

"The costs in the PLI is competitively low and the reach is quite high," he said. However, to counter emerging competition, the sector should improve the quality of service and ensure better returns to customers, he said.

"The PLI should also expand in terms of products and should take advantage of its current dominating position," he said.

Earlier, Chaturvedi gave away the certificates and cash prices at all India level to development officers of PLI on the basis of their individual achievements.

Rolling trophies were also given to the circles for overall best performance in PLI and rural PLI business.