ANDHRA PRADESH

Campaign against hike in insurance FDI

Staff Reporter

VISAKHAPATNAM: Insurance employees, under the banner of All India Insurance Employees Association (AIIEA), have launched a campaign against the Cabinet decision to raise foreign direct investment (FDI) from the present 26 per cent to 49 per cent in insurance.

To mark the launch of the campaign, MLC M.V.S. Sarma has released posters and pamphlets.

B.B. Ganesh and K. Mohan Rao, general secretary and vice-president of Visakhapatnam division unit of ICEU, affiliated to AIIEA, have vowed to campaign relentlessly to fight back the proposed reforms in the insurance sector.

In the background of global financial crisis, where insurance giants like AIG in the U.S. have been bailed out by the Federal Reserve, as also the other financial companies in the European Union, such a move is detrimental to the policyholders’ money and also the nation’s economy at large, the union contends.

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