Among the four amendments sought by Congress, the most important is that insurance firms should be forced to invest 75 per cent of their funds in government securities, which are in turn used to fund infrastructure and social sector development. The IRDA Bill restricts this to 50 per cent.

The other amendments relate to grant of licence to health insurance on a priority basis, continuation of social welfare schemes like crop insurance and insurance for the unorganised sector and imposition of heavy penalties for errant companies.

The suspense, however, continued unabated as BJP and its allies chose to remain non-committal over the amendments suggested by the Congress party. BJP sources maintained late on Wednesday evening that the party would take a decision on Thursday before the Bill comes up for voting. "We will see when the amendments are moved in the House", said a senior BJP leader.

In all likelihood, there would be attempts at some compromise on the part of the BJP considering the fact that the Congress stand represented populist measures which the government could ill afford to ignore. One section of the BJP is, therefore, said to be inclined to accept the amendments in toto. By all accounts, the insurance Bill had come to be sandwitched between political ambitions of two opposing parties, each trying to take a credit for the exercise.

While the Congress legitimately sought to prove that the Bill was originally its baby, the BJP and allies were the obvious beneficiaries as it was getting through in their regime. The Congress amendments were a mere ruse in a political exercise to outsmart the adversary, ruling party members admitted.

Spelling out the amendments at the party's daily briefing, Secretary (economic cell) of AICC Jairam Ramesh said if the government accepted these amendments, the Congress would support the Bill. He said proper notices for all the four amendments were given on Wednesday. Jairam Ramesh sought to give credit for the insurance Bill to the Congress party which, he said, had originated the exercise. He ridiculed the BJP for defeating the same Bill two years ago and now coming up with it unashamedly. Even the specification of minimum capital requirement of Rs 100 crore for any new insurance company and the provision of solvency margins were the contributions of the Congress party, he added.

In line with the party's stand, senior Congress MP Rajesh Pilot declared in the Lok Sabha that his party had decided to support the Bill but not without the amendments, obviously seeking to reinforce the party line. He admitted there were differences in his party but it was part of a healthy democratic process, he said.