<b>XII LOK SABHA DEBATES, <i> Session III, (Winter) </i> </b>
XII LOK SABHA DEBATES, Session III, (Winter) Tuesday,December 15, 1998 /Agrahayana 24, 1920 (Saka)

Type of Debate: GOVERNMENT BILLS
Title: Introduced the Insurance Regulatory Authority Bill, 1998. Motion for Consideration - Adopted

TEXT :
12.30 hrs.

MR. SPEAKER: Now, we will take up item no. 13. Shri Yashwant Sinha to move for leave to introduce the Insurance Regulatory Authority Bill, 1998.

THE MINISTER OF FINANCE (SHRI YASHWANT SINHA): Sir, I beg to move for leave to introduce a Bill to provide for the establishment of an Authority to protect... (Interruptions)

12.30 hrs

(At this stage, Shri Sunil Khan, Shri Shailendra Kumar,

Shri N.K. Premchandran and some other hon. Members

came and stood on the floor near the Table.)

... (Interruptions)

MR. SPEAKER: Hon. Members, please go to your seats. I will allow you all one by one.

... (Interruptions)

MR. SPEAKER: What is this? Please understand. I have received 16 notices. I will call the names of Members one by one. But go to your seats first.

... (Interruptions)

MR. SPEAKER: Please go to your seats and then raise your voice. You can submit whatever you want. But please go to your seats first and then submit.

... (Interruptions)

MR. SPEAKER: I am calling the names of the hon. Members who have given their names.

Shri P. C. Thomas.

Shri Ajoy Mukhopadhyay.

... (Interruptions)

* Published in the Gazettee of India, Extraordinary, Part-II, Section-2,dated 15.12.98

MR. SPEAKER: I am calling the names of the hon. Members who have given the notices. Please understand the procedure.

... (Interruptions)

MR. SPEAKER: Please go to your seats. You should know the procedure. I have received a few notices. I am calling the names of the hon. Members who have given the notices.

Shri K. S. Rao.

... (Interruptions)

MR. SPEAKER: I request the senior leaders to ask their Members to go back to their seats.

SHRI BASU DEB ACHARYA: Acharia.

Shri Raghuvansh Prasad Singh.

... (Interruptions)

MR. SPEAKER: I request the senior leaders to ask their Members to go back to their seats.

... (Interruptions)

MR. SPEAKER: Now I call the name of Shri Tarit Baran Topdar.

Shri Moinul Hassan.

Shri Rupchand Pal.

Shri Ajay Chakraborty.

Shri Anil Basu.

Shri V. V. Raghavan.

Shrimati Geeta Mukherjee.

Dr. Asim Bala.

Shri Hannan Mollah.

Shri Mohan Singh.

Prof. Ajit Kumar Mehta.

... (Interruptions)

MR. SPEAKER: I will call the Leaders and discuss the matter in my Chamber. Please go to your seats.

... (Interruptions)

MR. SPEAKER: I will call the Leaders and discuss the matter in my Chamber. Please go to your seats.

... (Interruptions)

MR. SPEAKER: Please go to your seats. I am calling the Leaders to discuss it in my Chamber.

... (Interruptions)

MR. SPEAKER: Hon. Members, I am once again appealing to you. Please go back to your seats. I am calling your Leaders to my Chamber.

... (Interruptions)

MR. SPEAKER: Please go back to your seats.

... (Interruptions)

MR. SPEAKER: The House now stands adjourned to meet again at 1.30 p.m.

12.40 hrs

The Lok Sabha then adjourned till thirty minutes

past Thirteen of the Clock.

------

13.32 hrs

The Lok Sabha re-assembled at thirty-two minutes

past Thirteen of the Clock.

(Mr. Speaker in the Chair)

INSURANCE REGULATORY AUTHORITY BILL

SHRI RUPCHAND PAL (HOOGLY): Sir, I have given a notice.

... (Interruptions)

MR. SPEAKER: When I call the names of hon. Members who have given notices, you can raise the matter.

... (Interruptions)

SHRI RUPCHAND PAL : Sir, I have given the notice before 10 o'clock. ... (Interruptions)

MR. SPEAKER: I will call the names of Members who have given notices.

... (Interruptions)

SHRI RUPCHAND PAL : Sir, within a very very short time, we will make our submissions. In one or two minutes, I will make it. ... (Interruptions)

MR. SPEAKER: I will call you later.

SHRI RUPCHAND PAL : All right.

MR. SPEAKER: We had a meeting with all the political parties. They have agreed. Now, I will request the hon. Minister Shri Yashwant Sinha.

... (Interruptions)

MR. SPEAKER: I will call you also.

... (Interruptions)

MR. SPEAKER: I will allow you also.

... (Interruptions)

¸ÉÒ ¨ÉÉä½þxÉ ÊºÉƽþ (nùä´ÉÊ®úªÉÉ): ½þ¨É ±ÉÉäMÉÉäÆ EòÒ +É{ÉÊiiÉ =xÉEòä {ɽþ±Éä ½þè*

... (´ªÉ´ÉvÉÉxÉ)

MR. SPEAKER: Shri Khurana please.

... (Interruptions)

SHRI RUPCHAND PAL : No. Before the introduction, we want to say something. ... (Interruptions)

MR. SPEAKER: No. Shri Khurana, you can say something about the meeting.

... (Interruptions)

MR. SPEAKER: Please hear him first.

... (Interruptions)

MR. SPEAKER: Please hear him first.

... (Interruptions)

MR. SPEAKER: Please hear him first. What is this? Now, Shri Khurana.

... (Interruptions)

SHRI RUPCHAND PAL (HOOGLY): Sir, we have given notice on time. ... (Interruptions)

MR. SPEAKER: I will come to you. Now, Shri Khurana please.

... (Interruptions)

¸ÉÒ ¨ÉÉä½þxÉ ÊºÉƽþ (nùä´ÉÊ®úªÉÉ): <Æ]ÅÉäb÷E¶ÉxÉ {É®ú ½þÒ iÉÉä +É{ÉÊiiÉ ½þè*

... (´ªÉ´ÉvÉÉxÉ)

MR. SPEAKER: No. Please understand the position.

... (Interruptions)

SHRI N.N. KRISHNADAS (PALAKKAD): Sir, before introduction, the Chair should hear us. ... (Interruptions)

MR. SPEAKER: I will call the names of those hon. Members who have given notices. Please understand that.

... (Interruptions)

SHRI BASU DEB ACHARYA: ACHARIA (BANKURA): We have all given notices.

... (Interruptions)

MR. SPEAKER: Yes. I will call all of you.

... (Interruptions)

ºÉƺÉnùÒªÉ EòɪÉÇ ¨ÉÆjÉÒ iÉlÉÉ {ɪÉÇ]õxÉ ¨ÉÆjÉÒ (¸ÉÒ ¨ÉnùxÉ ±ÉÉ±É JÉÖ®úÉxÉÉ): ¨ÉèÆ {ɽþ±Éä ÊxÉ´ÉänùxÉ Eò®ú nùÚÆ, ºÉ®úEòÉ®ú EòÉä EòÉä<Ç BäiÉ®úÉVÉ xɽþÒÆ ½þè ÊEò <ºÉ Ê¤É±É EòÉä, VÉÉä +¦ÉÒ {Éä¶É ½þÉäxÉä VÉÉ ®ú½þÉ ½þè, º]õèÆÊb÷ÆMÉ Eò¨Éä]õÒ ªÉÉ V´ÉÉ<Æ]õ Eò¨Éä]õÒ

... (´ªÉ´ÉvÉÉxÉ)

{ɽþ±Éä ¨Éä®úÒ ¤ÉÉiÉ ºÉÖxÉ ±ÉÒÊVÉB* ... (´ªÉ´ÉvÉÉxÉ) +¦ÉÒ VÉÉä ¨ÉÒÊ]õÆMÉ ½þÖ<Ç, =ºÉ¨ÉäÆ +É{É ºÉ¤ÉxÉä Eò½þÉ ÊEò V´ÉÉ<Æ]õ Eò¨Éä]õÒ EòÉä ¦ÉäVÉÉ VÉÉB* ¨ÉèÆxÉä nùںɮúä ½þÉ=ºÉ ¨ÉäÆ ¤ÉÉiÉ EòÒ* =xÉEòÉ Eò½þxÉÉ ½þè ÊEò ºÉ¦ÉÒ xÉäiÉÉ ºÉ֤ɽþ +ÉOɽþ Eò®ú ®ú½þä lÉä ÊEò <ºÉä º]õèÆÊb÷ÆMÉ Eò¨Éä]õÒ EòÉä ¦ÉäVÉÉ VÉÉB* ¤ÉÉnù ¨ÉäÆ nùÉäxÉÉäÆ ¤Éè`ö VÉÉBÆMÉä* º{ÉÒEò®ú ºÉɽþ¤É +Éè®ú SÉäªÉ®ú¨ÉèxÉ VÉÉä SÉɽþäÆ Eò®úäÆ* ªÉÊnù V´ÉÉ<Æ]õ Eò¨Éä]õÒ EòÉä Eò½þäÆMÉä iÉÉä =ºÉä ¦ÉäVÉ nùäÆMÉä +Éè®ú ªÉÊnù º]õèÆÊb÷ÆMÉ Eò¨Éä]õÒ EòÉä Eò½þäÆMÉä iÉÉä ½þ¨É =ºÉä ¦ÉäVÉ nùäÆMÉä* ºÉ®úEòÉ®ú EòÉä nùÉäxÉÉäÆ Eò¨ÉäÊ]õªÉÉäÆ ¨ÉäÆ ºÉä ÊEòºÉÒ BEò EòÉä ¦ÉäVÉxÉä ¨ÉäÆ EòÉä<Ç BäiÉ®úÉVÉ xɽþÒÆ ½þè* +É{É VÉÉä iÉªÉ Eò®úäÆMÉä, ½þ¨ÉEòÉä ¨ÉÆWÉÚ®ú ½þè* º{ÉÒEò®ú ºÉɽþ¤É +Éè®ú SÉäªÉ®ú¨ÉèxÉ VÉÉä iÉªÉ Eò®úäÆ, ½þ¨ÉäÆ ¨ÉÆVÉÚ®ú ½þè*

... (Interruptions)

MR. SPEAKER: Now, the hon. Minister of Finance. Let the hon. Member seek leave of the House. Leave may be sought to introduce the Bill and then you can raise objections.

... (Interruptions)

SHRI RUPCHAND PAL : Sir, before the introduction of the Bill, we want to make our submissions. ... (Interruptions)

MR. SPEAKER: First the hon. Minister has to seek leave of the House. Please understand that. Then only you can raise your objections.

... (Interruptions)

MR. SPEAKER: The Minister has to seek leave of the House for introducing the Bill. Please understand that.

... (Interruptions)

MR. SPEAKER: The Minister must seek the leave of the House.

... (Interruptions)

¸ÉÒ ®úPÉÖ´ÉÆ¶É |ɺÉÉnù ʺÉƽþ (´Éè¶ÉɱÉÒ): ÊxÉªÉ¨É 72 ¨ÉäÆ ½þè, °ü±É nùäJÉÉ VÉɪÉä xÉ* {ɽþ±Éä ½þ¨É ±ÉÉäMÉÉäÆ EòÉä ºÉÖxÉ ±ÉäÆ, iÉ¤É ¨ÉÚ´É Eò®úäÆ*

MR. SPEAKER: Please take your seats. Dr. Raghuvansh Prasad Singh, I will allow you to speak. Your name is there in the list.

... (Interruptions)

SHRI RUPCHAND PAL : Sir, let me read out the rules. ... (Interruptions)

MR. SPEAKER: Shri Rupchand Pal, please sit down.

... (Interruptions)

MR. SPEAKER: Now, the Minister may seek leave of the House to introduce the Bill.

... (Interruptions)

THE MINISTER OF FINANCE (SHRI YASHWANT SINHA): Sir, I beg to move for leave to introduce a Bill to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation of India Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972.

MR. SPEAKER: Motion moved:

"That leave be granted to introduce a Bill to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation of India Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972."

... (Interruptions)

SHRI ANIL BASU (ARAMBAGH): Sir, I rise to object to the introduction of the Bill because it lacks legislative competence. Through this Bill, the Government wants to sell out the country. The insurance sector is working satisfactorily in our country as a public sector company. The Government wants to bring the multinationals and Foreign Institutional Investors in the financial sector. This is a complete surrender of our financial sector to the foreign multinationals and foreign countries. This would endanger our economic sovereignty also. On this ground, I strongly oppose the introduction of this Bill. It is against the Constitution. Through this Bill the Government is surrendering the economic sovereignty of the country. This measure is anti-constitutional and anti-national. This Bill lacks legislative competence. I strongly object to the introduction of the Bill.

¸ÉÒ ¨ÉÉä½þxÉ ÊºÉƽþ (nùä´ÉÊ®úªÉÉ): +vªÉIÉ ¨É½þÉänùªÉ, ¨ÉÖZÉä nùÉä ¨ÉÖqÉäÆ {É®ú +É{ÉÊiiÉ ½þè, ÊVɺÉEòä xÉÉiÉä ¦ÉÉ®úiÉ ºÉ®úEòÉ®ú <ºÉ ºÉnùxÉ Eòä ¦ÉÒiÉ®ú <ºÉ iÉ®ú½þ EòÉ Ê´ÉvÉäªÉEò |ɺiÉÖiÉ xɽþÒÆ Eò®ú ºÉEòiÉÒ* ¦ÉÉ®úiÉ EòÉ ºÉÆÊ´ÉvÉÉxÉ <ºÉ iÉ®ú½þ EòÉ EòÉ¨É Eò®úxÉä EòÒ <VÉÉVÉiÉ ¦ÉÉ®úiÉ ºÉ®úEòÉ®ú EòÉä xɽþÒÆ nùäiÉÉ* ¨ÉèÆ b÷ɪɮúèÊE]õ´É Ê|ÉʺÉ{ɱºÉ +Éì¡ò º]õä]õ {ÉÉìʱɺÉÒ EòÒ vÉÉ®úÉ 39(ºÉÒ), ÊVɺÉEòä +xÉÖºÉÉ®ú:

"that the operation of the economic system does not result in the concentration of wealth and means of production to the common detriment".

<ºÉºÉä EòƺÉäÆ]Åä¶ÉxÉ +Éì¡ò ´Éè±lÉ ¤ÉgøäMÉÒ, Ê´Énùä¶ÉÒ ±ÉÉäMÉ +ÉBÆMÉä, Ê´Énùä¶ÉÒ Eò¨{ÉÊxɪÉÉÆ +ÉBÆMÉÒ +Éè®ú ½þ¨ÉÉ®úä nùä¶É ¨ÉäÆ VÉÉä ºÉ¨ÉiÉÉ EòÉ ºÉ¨ÉÉVÉ ¤ÉxÉÉxÉä EòÉ ½þ¨ÉÉ®úä nùä¶É Eòä ºÉÆÊ´ÉvÉÉxÉ xÉä ºÉ®úEòÉ®ú EòÉä +Énùä¶É ÊnùªÉÉ ½þè, =ºÉEòä ʴɯûr +ÉSÉ®úhÉ ½þÉäMÉÉ*

nùںɮúÒ ¤ÉÉiÉ ½þ¨É ªÉ½þ Eò½þxÉÉ SÉɽþiÉä ½þèÆ ÊEò ½þ¨ÉÉ®úÒ ¡òÆb÷ɨÉäÆ]õ±É bªÉÚ]õÒWÉ EòÒ vÉÉ®úÉ 51(B)(ºÉÒ) Eòä +xÉÖºÉÉ®ú:

"to uphold and protect the sovereignty, unity and integrity of India".

ªÉ½þ ¦ÉÉ®úiÉ EòÒ ºÉÉ´ÉǦÉÉèʨÉEòiÉÉ Eòä ÊJɱÉÉ¡ò ½þè +Éè®ú <ºÉÒʱÉB <ºÉ nùä¶É Eòä ÊxɨÉÉÇiÉÉ+ÉäÆ xÉä VÉÉä Eò¨{ÉÊxɪÉÉÆ ¤ÉÒ¨Éä Eòä IÉäjÉ ¨ÉäÆ +É¨É VÉxÉiÉÉ EòÒ ±ÉÚ]õ Eò®ú ®ú½þÒ lÉÒÆ,

uÉ®úÉ VÉÉ®úÒ

¸ÉÒ ¨ÉÉä½þxÉ ÊºÉƽþ VÉÉ®úÒ =ºÉ ±ÉÚ]õ ºÉä ¤ÉSÉÉxÉä Eòä ʱÉB ¤ÉÒ¨ÉÉ Eò¨{ÉxÉÒVÉ EòÉ ®úɹ]ÅÒªÉEò®úhÉ ÊEòªÉÉ MɪÉÉ lÉÉ* ¦ÉÉ®úiÉ ºÉ®úEòÉ®ú º´Énùä¶ÉÒ Eò¨{ÉxÉÒVÉ EòÉä UôÚ]õ ÊnùB ʤÉxÉÉ, =ºÉEòÉ VÉÉä +ÆÊiÉ¨É SÉ®úhÉ ½þè, Ê´Énùä¶ÉÒ Eò¨{ÉxÉÒVÉ EòÉä ºÉÒvÉä ¦ÉÉ®úiÉ ¨ÉäÆ ¤ÉÖ±ÉÉ ®ú½þÒ ½þè, ÊVɺɺÉä ¦ÉÉ®úiÉ EòÒ º´ÉÉvÉÒxÉiÉÉ, ¦ÉÉ®úiÉ EòÒ ºÉÉ´ÉǦÉÉèʨÉEòiÉÉ Eòä >ð{É®ú Ê´Énùä¶ÉÒ {ÉÚÆVÉÒ{ÉÊiɪÉÉäÆ EòÉ |ɦÉÖi´É ¤Égøä +Éè®ú ½þ¨ÉÉ®úÒ ºÉÉ´ÉǦÉÉèʨÉEòiÉÉ |ɦÉÉÊ´ÉiÉ ½þÉä* <ºÉ iÉ®ú½þ EòÉ Ê´ÉvÉäªÉEò <ºÉ ºÉnùxÉ EòÒ +{ÉxÉÒ IɨÉiÉÉ +Éè®ú +{ÉxÉä +ÊvÉEòÉ®ú ºÉä ¤Éɽþ®ú ½þè* <ºÉʱÉB ¨ÉèÆ <ºÉEòÉ {ÉÖ®úVÉÉä®ú Ê´É®úÉävÉ Eò®úiÉÉ ½þÚÆ +Éè®ú ¨ÉÉxÉxÉÒªÉ ¨ÉÆjÉÒ ºÉä +ÉOɽþ Eò®úiÉÉ ½þÚÆ ÊEò <ºÉ Ê´ÉvÉäªÉEò EòÉä |ɺiÉÖiÉ Eò®úxÉä ºÉä Ê´É®úiÉ ½þÉäÆ +Éè®ú ºÉnùxÉ <ºÉEòÉä {Éä¶É Eò®úxÉä EòÒ <VÉÉVÉiÉ xÉ nùä*

SHRI VARKALA RADHAKRISHNAN (CHIRAYINKIL): Sir, I have an objection and my objection is entirely different.

MR. SPEAKER: I have called Shrimati Geeta Mukherjee.

... (Interruptions)

MR. SPEAKER: She has also given the notice.

SHRIMATI GEETA MUKHERJEE (PANSKURA): I have given a notice to raise my objection to the IRA Bill at the introductory stage itself. If one opposes the Bill at the introductory stage then some Constitutional propriety is called for. Our Constitution is secular, democratic and sovereign. If this Bill is allowed to be passed, it will affect our sovereignty because the American and other multinational companies will enter our industry. This will not help us but hinder our progress and that is why I oppose this Bill at the introductory stage itself.

¸ÉÒ ®úPÉÖ´ÉÆ¶É |ɺÉÉnù ʺÉƽþ (´Éè¶ÉɱÉÒ): +vªÉIÉ ¨É½þÉänùªÉ, ½þ¨É <ƶÉÉä®úäÆºÉ ®úäMÉÖ±Éä]õ®úÒ +lÉÉäÊ®ú]õÒ Ê¤É±É EòÉ |ÉÊiÉ´ÉÉnù Eò®úiÉä ½þèÆ +Éè®ú <Æ]ÅÉäb÷E¶ÉxÉ EòÒ º]õäVÉ {É®ú ½þÒ Ê´É®úÉävÉ Eò®úxÉÉ SÉɽþiÉä ½þèÆ, EªÉÉäÆÊEò ªÉ½þ Ê´ÉvÉäªÉEò nùä¶É EòÒ +lÉÇ´ªÉ´ÉºlÉÉ Eòä IÉäjÉ ¨ÉäÆ +Éè®ú nùä¶É EòÒ +ÉÊlÉÇEò xÉÒÊiÉ Eòä ʱÉB |ÉÊiÉMÉɨÉÒ Eònù¨É ½þè* {ɽþ±Éä VÉÒ´ÉxÉ ¤ÉÒ¨ÉÉ EòÉ ÊxÉVÉÒEò®úhÉ lÉÉ* ½þ¨É ±ÉÉäMÉÉäÆ xÉä =ºÉEòÉ ®úɹ]ÅÒªÉEò®úhÉ ÊEòªÉÉ, +¤É Ê¡ò®ú =ºÉEòÉä {ÉÒUôä EòÒ iÉ®ú¡ò ºÉ®úEòÉ®ú ±Éä VÉÉ ®ú½þÒ ½þè +Éè®ú =ºÉEòÉ ÊxÉVÉÒEò®úhÉ Eò®úxÉÉ SÉɽþiÉÒ ½þè* <ºÉ Ê´ÉvÉäªÉEò ºÉä ºÉ®úEòÉ®ú nùä¶É ¨ÉäÆ Ê´Énùä¶ÉÒ {ÉÚÆVÉÒ{ÉÊiɪÉÉäÆ +Éè®ú ¤É½þÖ®úɹ]ÅÒªÉ Eò¨{ÉxÉÒVÉ EòÉä xªÉÉèiÉÉ nùä ®ú½þÒ ½þè* ªÉ½þ Ê´ÉvÉäªÉEò MÉ®úÒ¤ÉÉäÆ Eòä ÊJɱÉÉ¡ò ½þè, =xÉEòÉ <ºÉºÉä EòÖUô ¦É±ÉÉ xɽþÒÆ ½þÉäxÉä ´ÉɱÉÉ ½þè* <ºÉºÉä nùä¶É EòÉä xÉÖEòºÉÉxÉ ½þÉäxÉä ´ÉɱÉÉ ½þè +Éè®ú ½þ¨É <ºÉ iÉ®ú½þ Eòä xÉÖEòºÉÉxÉ ºÉ½þxÉä EòÒ ÊºlÉÊiÉ ¨ÉäÆ xɽþÒÆ ½þèÆ*

MR. SPEAKER: Please understand that we are not discussing the Bill.

¸ÉÒ ®úPÉÖ´ÉÆ¶É |ɺÉÉnù ʺÉƽþ : ½þ¨ÉÉ®úä EòÉÆOÉäºÉÒ ºÉÉlÉÒ Eò½þiÉä ½þèÆ ÊEò <ºÉEòÉä {Éä¶É ½þÉäxÉä nùäÆ +Éè®ú ªÉ½þ ºlÉÉ<Ç ºÉʨÉÊiÉ ¨ÉäÆ VÉÉxÉÉ SÉÉʽþB, ±ÉäÊEòxÉ ½þ¨É iÉҺɮúÒ iÉÉEòiÉ ´ÉɱÉä <ºÉEòÉ ¶ÉÖ°ü ¨ÉäÆ ½þÒ Ê´É®úÉävÉ Eò®úiÉä ½þèÆ +Éè®ú Eò½þiÉä ½þèÆ ÊEò ªÉ½þ |ÉÊiÉMÉɨÉÒ Eònù¨É ½þè, ªÉ½þ Ê´ÉvÉäªÉEò xɽþÒÆ +ÉxÉÉ SÉÉʽþB* ½þ¨É <ºÉEòÉ PÉÉä®ú Ê´É®úÉävÉ Eò®úiÉä ½þèÆ* ÊxÉªÉ¨É 72 Eòä Ê´É{É®úÒiÉ EòɪÉÇ ½þÉä ®ú½þÉ ½þè, Eò±É ¦ÉÒ ªÉ½þÒ ½þÖ+É, ½þ¨É ±ÉÉäMÉ Ê±ÉJÉEò®ú nùäiÉä ½þèÆ, ±ÉäÊEòxÉ ºÉÖxÉÉ xɽþÒÆ VÉÉiÉÉ*

SHRI VARKALA RADHAKRISHNAN (CHIRAYINKIL): Sir, I may be permitted to speak. My objection is entirely on a different footing.

MR. SPEAKER: Shri Radhakrishnan, you have not given any notice.

SHRI BASU DEB ACHARYA: No notice is required for this.

MR. SPEAKER: I am calling the names of those Members who have given notice.

SHRI BASU DEB ACHARYA: Sir, this Bill is without the legislative competence and has Constitutional infirmities inasmuch as the special legislations named LIC Act, 1956 and General Insurance Business (Nationalisation) Act, 1972 are A provision is being made that by enforcement of this Act the Corporation shall carry on insurance business in accordance with the provisions of Insurance Act of 1938 which was amended in 1956 and then in 1972. The LIC and the GIC were created by special legislative measures. These Act will impair the objects laid down for the purpose of amendment to Clause 7 of the Insurance Act, 1938 which are now being proposed in this present Bill. Sir, the definition of insurance company shall mean, `a company registered under Companyies' Act, 1956' and defined 26 per cent of the equity could be had by foreign companies... (Interruptions).

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