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AIIEA opposing the LIC Amendment Bill and Insurance Laws Bill

Last Updated: Aug 29, 2011 | 1746 Views

All-India Insurance Employees Association (AIIEA) is clearly not in favour of the proposed LIC Amendment Bill (2009) and Insurance Laws Ammendment Bill (2008), as they have asked the government to withdraw the same.  

According to AIIEA General Secretary K Venugopal, the amendment foresees permits raising the FDI limit in the insurance sector. Speaking to reporters, he said that every year, Life Insurance Corporation of India (LIC) mobilizes premiums of Rs 2.5 lakh crore which was the savings of the people and it was going to be placed in the hands of foreign capital, where even the government would have less control.

Currently the Foreign Direct Investment (FDI) is capped at 26%. The Insurance Laws (Amendment) Bill, 2008 has been long pending in the parliament. The Insurance Bill has been awaiting approval from the Parliament and proposes to raise the cap on FDI from 26% to 49%.  

They have asked the Centre to withdraw the proposed bill, failing which LIC employees will organise a series of agitations. The national convention of the employees will be held in Delhi on September 7, where a decision about the future course of action to campaign and struggle against neo-liberal policies of the government will be taken, K Venugopal told reporters.

Commenting on the proposed Lokpal Bill, he added that corporates should also be included under it and that trade unions must also be given a chance to express their views on the same.

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