Insurance bill passed in Lok Sabha

New Delhi, March 4 (IANS) The Lok Sabha on Wednesday passed the insurance sector amendment bill, which seeks to hike the foreign equity cap on domestic companies from 26 percent to 49 percent, despite opposition protests.

Formally called Insurance Laws (Amendment) Bill, it seeks to replace an ordinance that was promulgated earlier.

The bill now faces a crucial test in the Rajya Sabha, the upper house, where the ruling Bharatiya Janata Party (BJP) does not enjoy a majority.