Cabinet Current Affairs - 2020
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On February 12, 2020, the Union Cabinet approved on capital infusion in three Public Sector Units namely United India Insurance Company (UIICL), Oriental Insurance Company Limited (OICL) and National Insurance Company Limited (NICL).
During the meet the cabinet also approved an immediate release of Rs 2,500 crores in order to address their critical financial position and also regulate their solvency requirements. The capital infusion is aimed at merging the three insurance companies in the future. Merging the companies will improve their operational efficiency and solvency ratio.
The step is being taken to make these companies meet the solvency ratio criteria of IRDA (Insurance Regulatory Development Authority)
The Solvency ratio is the key metric used to measure the ability of an enterprise to meet its debt obligation. It indicates if a company has sufficient cash flow in order to meet its long term and short-term liabilities.
It is the ratio between after-tax net operating income and total debt obligations.
Tags: Cabinet • Cabinet Approval • Debt • Insolvency • Insurance
On January 29, 2020, the Union Cabinet approved Medical Termination of Pregnancy (Amendment) Bill, 2020. The bill aims to amend the Medical Termination of Pregnancy act, 1971. The bill is to be introduced in the coming session of Parliament
According to the proposal, termination of pregnancy is to be extended to 24 weeks. It was 20 weeks earlier. The extension is only for special category of women. It includes rape victims, survivors of rape and other vulnerable women like differently-abled women.
The bill is a step towards increasing access of women to safe abortion services. The months have been increased considering the advancements in medical technology. The amendments were proposed by the Ministry of Health and Family Welfare.
First Legalization of Abortion
In India the Shah Committee was appointed to review the socio-cultural and medical aspects of abortion. It was this committee that recommended legalization of abortion for the first time.
Tags: Cabinet • Cabinet Approval • High-Risk Pregnancy • Rape • sexual assault