The All India General Insurance Agents’ Association (GIAA) had its first national conference in Madurai on Saturday, in which nearly 100 insurance agents from Tamil Nadu and Kerala participated.
“The Association was formed since there was no union for agents to discuss grievances and seek solutions,” said K.M.G.Vivekanandam, executive president of the Association.
The members are agents of four insurance companies – United India Insurance Company, National Insurance, The New India Insurance Company and The Oriental Insurance Company. “We are not entitled to third party commission at all. The rules for our regular commissions are also very arbitrary,” Mr.Vivekanandam noted. He said the agents had approached the Insurance Regulatory and Development Authority (IRDA) in this regard.
Releasing the national conference souvenir, V.Raghunathan, Chief Regional Manager of United India Insurance Company, said agents were the backbone of any insurance company.
In his address, V.Pitchai, district secretary, Centre of Indian Trade Unions (CITU), who was the chief guest, elaborated on the need for social security benefits for the insurance agents. “Most insurance companies have increasing profits and have paid nearly Rs.2,200 crore as dividend to the government. The agents too have contributed to this success and hence they are entitled to regular benefits,” he said.