VIJAYAWADA: All India Insurance Employees’ Association (AIIEA) general secretary Srikanth Mishra declared that their organisation has registered its strong protest against divestment in public sector general insurance (PSGI) companies, especially Life Insurance Corporation (LIC) of India.
Addressing media during the two-day 12th General Conference of South Central Zone Insurance Employees’ Federation at Vijayawada on Sunday, he pointed out that the union government has recently increased foreign direct investment (FDI) in insurance sector from 49 to 74 per cent. It has even decided to allow foreign ownership of insurance companies.
The AIIEA leader said their association is deeply disturbed over the way the government passed the General Insurance Business Nationalisation (GIBNA) Amendment Bill in Parliament using strong arm methods. The centre has blatantly disregarded the commitment given earlier to the parliament and nation that the government will retain at least 51 per cent of stake in the four public sector general insurance companies, he stated.
Following this, Srikanth Mishra, AIIEA vice-president K.V.V.S.N. Raju and other leaders at the conference said their association is mobilising public opinion against the disastrous policy of privatising public sector insurance industry in particular and public sector institutions at large. Protests and agitations are being organised to fight against this privatisation process, they added.