The Union Cabinet today approved necessary amendments to the Insurance Laws Amendment Bill, Pension Fund Regulatory and Development Authority Bill and the Companies Bill. Briefing newsmen on the cabinet decisions in New Delhi this evening, Finance Minister, Mr. P.Chidambaram said the foreign equity cap is proposed to be kept in pension at 49 per cent as provided in the Insurance Laws Amendment Bill 2008 as against 26 per cent. This he said is being done in order to meet the growing capital requirement of private insurance companies.