A Lok Sabha bulletin today said the Insurance Regulatory Authority (IRA) Bill, 1998, introduced in the Lok Sabha on December 15, was referred to the committee by the Lok Sabha Speaker, G M C Balayogi, last night.

The committee would examine the Bill and table its report in the Parliament, it said. The Bill seeks to allow 26 per cent foreign equity and 14 per cent to non-resident Indians (NRIs), foreign institutional investors and overseas corporate bodies.

It proposes to amend the 1956 Life Insurance Act and 1972 General Insurance Act to end the government monopoly in the industry by allowing private sector participation. But it does not propose to amend the provisions which makes it mandatory for 100 per cent government ownership in Life Insurance Corporation and General Insurance Corporation to ensureno privatisation of the two premier government insurance corporations.

To make the regulations more stringent, it proposed to give statutory status to the IRA just as Securities and Exchange Board of India.