HYDERABAD: All India Insurance Employees’ Association has resolved to intensify its agitation against the decision of the government to hike Foreign Direct Investment limit in the insurance sector from 26 per cent to 49 per cent calling it a retrograde step.

The two-day meeting of national secretariat of AIIEA which concluded here on Monday discussed repercussions of the government’s decision to introduce the Bill for amending the IRDA Act and Insurance Act in Rajya Sabha during the Parliament session commencing on December 10. The move would facilitate transfer of insurance funds outside the country and expose people’s savings to risky speculation as was witnessed in the US and Europe, the AIIEA leaders said. AIIEA national general secretary K.Venu Gopal said that the association would mobilise public opinion through month long programmes from November 10 to December 15. About 1.5 lakh officers and employees of LIC and GIC would go on one-day strike the day after the introduction of the Bill.