Bill on General Insurance Business passed

New Delhi: A bill to allow privatisation of state-run general insurance companies received parliamentary assent on Wednesday after the Rajya Sabha passed it with a voice vote amid vociferous protest and tearing of papers by opposition parties.

The General Insurance Business (Nationalisation) Amendment Bill, 2021, was passed by a voice vote in the din in a matter of minutes, with Finance Minister Nirmala Sitharaman not replying to brief points raised by MPs.

Opposition parties from the TMC and the DMK to the Left parties opposed the bill and wanted it to be referred to a select committee but the motion was rejected by a voice vote leading to slogan-shouting by opposition members who stormed into the Well, tore papers and moved dangerously close to the presiding officer's chair.

The General Insurance Business (Nationalisation) Amendment Bill, 2021, was passed by the Lok Sabha on August 2.