Parliament panel to review insurance bill in setback for government

New Delhi: The NDA government sent a landmark bill to liberalise the insurance sector to a parliament committee on Thursday after the opposition opposed the legislation in the upper house where it has a majority.

Finance Minister Arun Jaitley said a select committee will examine the bill to increase the cap on foreign participation in insurance joint ventures from 26 percent to 49 per cent and submit its report in the winter session of parliament later this year.