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Updated: December 4, 2009 16:39 IST

AIIEA to oppose Insurance Law Amendment Bill

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A file picture of Mr. K. Venugopal, General Secretary, AIIEA. Photo: Raju V.
A file picture of Mr. K. Venugopal, General Secretary, AIIEA. Photo: Raju V.

The All India Insurance Employees’ Association (AIIEA) had decided to oppose the Insurance Law Amendment Bill and LIC (Amendment) Bill which were likely to be passed in the Parliament next year.

A decision in this regard was taken at the three-day Working Committee meeting of AIIEA held in city recently.

The Insurance Laws (Amendment) Bill-2008 proposed to increase the FDI in Insurance sector from 26 per cent to 49 per cent. This would allow the foreign capital to gain larger control over the savings of the people. It was also aimed at disinvesting the four Public Sector General Insurance Companies. “AIIEA opposes these two moves”, the Association said in a release here.

Similarly, the LIC (Amendment) Bill-2009 was aimed to draw a path of disinvestment of LIC in future. It also proposed to reduce the share of the policy holders in LIC’s surplus from 95 per cent to 90 per cent. “The Association also opposes these proposals” the release said.

More than 160 members of Working Committee from all parts of the country representing the unions in LIC and in Public Sector General Insurance Companies participated in the three day meeting here, the release said.

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