The Select Committee of the Rajya Sabha on the Insurance Laws (Amendment) Bill is set to meet for the second time on Friday and will hear representations from the finance ministry and general insurance companies.
According to sources, the panel has called top finance ministry officials including finance secretary Arvind Mayaram and financial services secretary GS Sandhu to give their comments on the Bill that seeks to hike the foreign investment limit in the insurance sector to 49 per cent.
The General Insurance Council (GIC), comprising private sector players and state-owned general insurers, as well as heads of the four public sector general insurers are also slated to attend the meeting. ?We will be holding meetings on weekly basis. After this, we will call for views from the insurance regulator IRDA, life insurance companies as well as other stakeholders,? said a member of the panel.
Earlier this week, the committee had also called for public comments on the Bill, the deadline for which is September 20. The first meeting of the panel was held in New Delhi on September 4 and further meetings are slated for September 19 and 26.
The Select Committee is expected to submit its report to the Parliament during the Winter Session. It is chaired by BJP MP Chandan Mitra and comprises 15 members.