"We have opened up investments in various sectors. I do hope this (Winter) session I will be able to pass the Insurance Bill," he said at the India Global Forum meeting here.
The month-long Winter Session of Parliament is scheduled to commence from November 24.
FDI in the sector is capped at 26 per cent at present.
The much-delayed Insurance Bill has been referred to the Select Committee of Parliament. The Bill, which comes with a rider that the management control would rest in the hands of Indian promoter, has been pending since 2008 in the Rajya Sabha.
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"When we were in the government last time we opened up the sector. At that time, the political system had an appetite for a limited opening. We are now opening up the sector a little more," he added.
Bowing to opposition pressure, the government had in August agreed to refer the Insurance Bill to the 15-member Select Committee. The committee is expected to submit its report by the third week of November.
There are about two dozen private sector insurance firms, both in life and non-life segment in the country.