The Hindu Business Line : Kabhi haan, kabhi nah

"Men exhaust all foolish options before stumbling on the right one." This was how the Finance Minister, P. Chidambaram, described the `flip-flop' in Parliament on the Insurance Bill.

Referring to the comment by C. S. Rao, Chairman of the Insurance Regulatory Development Authority, that he pioneered the reforms in the insurance sector, Chidambaram said:

"Mr Rao has forgotten to state the big drama that preceded the final introduction of the Insurance Bill in 1999. Two years earlier, in 1997, the Bill was defeated on the floor of the Lok Sabha by the same people who finally let it pass. I was the Finance Minister in the United Front coalition government who tried in vain to introduce it."

Chidambaram pointed out that it was the failure of insurance companies to communicate the benefits to the common man that was responsible for the poor reach of insurance products.

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