The government has decided to refer the Insurance Laws (Amendment) Bill 2008 to the Select Committee of the Rajya Sabha. This was announced by Finance Minister Arun Jaitley while moving a motion in this regard in the House today.He said the committee will look into specific legislation and suggest changes.He said the Select Committee will submit its report to the House on the last day of the first week of the next session of Parliament.The Bill proposes to increase the cap on Foreign Direct Investment in the insurance sector from the present 26 per cent to 49 per cent.