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Open up insurance: CII

Pressure is mounting on the Bharatiya Janata Party-led coalition to open up the insurance sector.

Urging the government to liberalise the life and general insurance market, the Confederation of Indian Industry has said the Insurance Regulatory Authority bill should be reintroduced in the Budget session of Parliament.

Making the plea in a statement issued in New Delhi on Wednesday, the CII suggested that the government should consider several important aspects in the interests of the industry. Among these are: the proposed IRA should be given statutory and autonomous status to implement stringent measures; and ground rules for the entry of the private sector should be framed so that it could evolve its strategy on the basis of market demand.