Though the agenda for the meetings is open, it is learnt that the insurance chiefs will brief Kelkar `on their preparation to meet the challenges of liberalisation'. ``We are ready for open talks with Kelkar on the likely scenario in the industry once the insurance bill is enacted by parliament,'' one of the chiefs said.

Among other things, the insurance chiefs will take up the matter of a level playing field with the private-sector players. The BJP-led coalition has, in principle, decided to introduce the insurance regulatory bill in the winter session of parliament along with a host of other legislative changes. It will alsointroduce an amendment to the General Insurance Nationalisation Act 1972. It will also insert provisions in the IRA bill to pave the way for foreign firms to pick up a minority stake in local insurance companies.

A high-level cabinet committee set up to look into the matter is yet to decide on the quantum of foreign holding it plans to allow in a joint venture. ``We may fix it somewhere between 20 per cent and 30 per cent," ministry officials said.

"The government will bring in an amendment to end the monopoly status of the Life Insurance Corporation. The amendment will enable the institution to conduct pension business along with Unit Trust of India," sources said.

Anticipating opposition from the communist parties, the Vajpayee government has already sought support from the Congress to put through the insurance-sector reforms. The previous attempt by the United Front government to pass the IRA bill had failed as the left parties were not willing to relent.

According to sources, top Congress partyleaders including president Sonia Gandhi and leader of the legislature party Sharad Pawar are in favour of opening up the insurance sector. ``On the subject of economic reforms the Congress will always support the Vajpayee government's policies,'' Sharad Pawar is reported to have told the BJP leaders.

The foreign insurance companies were a disappointed lot then with the national agenda prepared by the ruling coalition carefully excluding any mention on the opening up of the segment.

"I think our wait is coming to an end and within a period of time. We hope we are able to commence operations by 2000,'' the chief of a prominent foreign insurance company said.

The primary job of the insurance regulatory authority will be to issue licences to new private players and regulate the industry in terms of products and pricing. The authority already in place, chaired by N Rangachary, is prepared to meet any move from the government to open up the industry, sources said.