After a long debate that spanned for years, the government has finally given its approval for the introduction of the Insurance (Amendment) Bill, 2008. At the same time, however, the government has also conceded that the bill may not be passed by the present Lok Sabha owing to lack of time.
The Finance Minister, P. Chidambaram, told news reporters on Friday that the decision of the approval of the bill was taken on the basis of the recommendation of a Group of Ministers (GoM) constituted to study the issue.