A comprehensive Bill on insurance sector is likely to be introduced in the winter session of Parliament, Union Finance Minister P Chidambaram said on Friday.
"We are in the process of drafting a consolidated legislation after re-visiting many old laws (pertaining to insurance). Hopefully, it will be introduced in the winter session," he said after launching two new policies of the National Insurance Company Ltd in Hyderabad.
The new law was bound to 'stir up' a debate, he said, adding "there is nothing wrong in debating. But it must come to an end and we must move along with the rest of the world."
It was important for the country to reform the critical sector, he said.
Insurance penetration in the society was pathetically low with the total premium collected by all the companies, both government and private, standing at Rs 18,000 crore (Rs 180 billion) last year, accounting for a mere 0.5 per cent of the GDP, he added.
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