Lok Sabha passes insurance bill

The Lok Sabha on Wednesday passed a bill to increase foreign investment limit in local insurers to 49 percent from 26 percent.

The passage of the bill in both the houses of parliament is critical to make an executive order, which Prime Minister Narendra Modi's administration issued in December, permanent.

The bill now faces its real test in the upper house of parliament where the ruling Bharatiya Janata Party (BJP) is in a minority and is dependent on opposition parties to pass the legislation.