MUMBAI, AUG 7: They waited for the multi-billion dollar Chinese insurance markets to open up for several decades. Now they are willing to test their patience in yet another round for the elusive Indian pie.

The foreign insurance companies along with their local partners are taking the setback to Insurance Regulatory Authority Bill in their strides.

``I think in this game of cricket, we are taking yet another tea break,'' says expatriate J H Chambreau, CEO of AIG Insurance on the United Front Government withdrawing the IRA Bill yesterday in the Parliament. ``It is unfortunate, but it is not the end of the road,'' he said.

As the withdrawal of IRA Bill pushed the BSE Sensex southwards, stock brokers here say that this kind of uncertainty can be expected from a weak government. ``Please do not expect changes in the insurance policy till Left is part of this government,'' says Venkat Aiyar, a member of the Bombay Stock Exchange.

The only ray of hope for the foreign companies and their local partners is the Harward-educated Finance Minister P Chidambaram. ``The finance minister has assured that IRA bill will be re-launched. My company is banking on him,'' Chambreau said.

Enthused by the budget proposals of 1997, most of the top Indian corporates have signed memoranda of understandings (MoUs) with foreign insurance majors expecting to tap the vast Indian market, which is suffering due to inefficiency of the public sector insurance companies. ``It will only hurt the man on the street as competition in the insurance sector will only usher an era of more innovative products and bring more people under the insurance cover,'' says a top official of HDFC, which has a JV with Standard Life.

IRA Bill, dubbed by the strong public sector unions ``a prelude to open up the insurance sector to foreign companies'' was to replace the interim IRA headed by former CBDT Chairman N Rangachary.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.