The Hindu Business Line : Insurance unions opppose FDI hike move

INSURANCE employees opposed the Union Government's proposal to lift the cap on foreign equity stake from the current level of 26 per cent and have threatened to intensify their agitation against the move.

Briefing reporters here, Mr Amanullah Khan, National Joint Secretary of the All India Insurance Employees Association (AIIEA), said here that the trade union was also concerned about the delay in finalising the wage revisions for employees of the Life Insurance Corporation of India (LIC). Accordingly, they have given a two-day strike notice (beginning on March 23).

He said that the insurance employees were organising a five-day general conference to deliberate on these issues. The trade unions are concerned that raising the cap would result in the "private sector players adopting unethical practices for increasing business."

The union also opposed the imposition of solvency margin on LIC by the Insurance Regulatory and Development Authority. Mr Khan said that LIC has so far not defaulted in meeting any of the settlements and assets in excess of Rs 300,000 crore.

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