KPMG's Statement on Ordinance on Insurance Bill

Shashwat Sharma, Partner - Management Consulting, KPMG in India:

The ordinance route for insurance bill reinforces the Government’s intent of implementing much awaited reform measures at the earliest possible. However, ordinance will have to be laid before the Parliament within 6 weeks of its first sitting to pass it as a law or else it will lapse. This provides a specific time frame for the enactment of the ordinance and insurance companies can plan their strategies and resources accordingly. The much needed capital to industry is now surely on its way.