Members of the Insurance Corporation Employees’ Union (ICEU) formed a human chain from near Guru Theatre to Kalavasal junction here on Saturday stressing the withdrawal of the Insurance Laws (Amendment) Bill by the Government. More than 2,000 members with their family formed the human chain.
Speaking about their demands, N. Suresh Kumar, Madurai Division General Secretary of the ICEU, said that Foreign Direct Investments should not be raised in the insurance sector and that the shares of public sector general insurance companies should not be disinvested.
“There is a proposed move to raise the FDI in insurance to 49 per cent from 26 per cent, which is not acceptable and the move to include foreign institutional investors along with FDI will affect the savings of the people,” said the members.
They also called for the need to merge the four public sector general insurance companies into a singular institution to face competition.
In a meeting after the human chain formation, R. Annadurai, MLA of Madurai South, R. Deivaraj, Madurai district Secretary of the CITU, addressed the members and G. Meenakshisundaram, president of the Madurai Division of the ICEU, presided over the event.
Various trade union leaders and members also took part in the event.
