Insurance Bills drive employees to protest

Special Correspondent

“The move to

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direct investment

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CUDDALORE: Employees of the Life Insurance Corporation of India and general insurance companies observed a one-day strike on Tuesday protesting against the introduction of the Insurance Laws (Amendment) Bill and the LIC (Amendment) Bill, one in each of the two Houses of Parliament on Monday. Terming the Bills as an anti-people measure the striking employees said that the Bills provided for enhancing the foreign direct investment in the insurance sector from 26 per cent to 49 per cent. The LIC Bill aimed at increasing the capital equity of the LIC from Rs.5 crore to Rs.100 crore.

They urged the Centre to withdraw the Bills immediately and heed the wisdom of the financial advisors not to go head with such a move. They warned that the Centre’s persistence in passing the Bills would destabilise the well-established public sector general insurance and life insurance companies that were rendering services of international standards and were run profitably. Addressing the demonstration organised under the banner of the All India Insurance Employees’ Association in front of the LIC office here, D.Manavalan, working committee member of the South Zone Insurance Employees Federation, recalled the 18-year-long struggle of the employees against the privatisation of the insurance sector.

District Secretary of the Communist Party of India (Marxist) S.Dhanasekaran, called upon the insurance employees to carry on with their struggle to defeat the government’s move to pass the draconian Bills. Sujatha of All India Insurance Employees’ Association and Sankar of Federation of LIC Class I Officers’ Association jointly presided over the demonstration. M.Marudhavanan of Bank Employees’ Federation of India, Sambandan and Balki of Bharat Sanchar Nigam Ltd., T.Purushothaman of Tamil Nadu Government Employees’ Association, N. Velu of Tamil Nadu Retired Government Employees’ Association, Asokan of General Insurance Corporation, S.Jayasri of Cuddalore unit of the Association participated.

Our Special Correspondent from Vellore writes:

Insurance Corporation Employees’ Union, Vellore district observed a one-day strike on Tuesday protesting against the introduction of the Insurance Bills.

The striking employees staged a demonstration in front of the LIC Divisional Office in Arcot Road, LIC branch office in Sankaranpalayam and the United India Insurance Company office in Katpadi Road protesting against the introduction of the two Bills.

They said that the LIC (Amendment) Bill would pave the way for privatisation of LIC, which has assets worth more than Rs.8,00,000 crores, thus leading to the deterioration of the LIC. The union pointed out that the Bills militated against the assurance given in the Common Minimum Programme of the UPA Government.

R. Kumaresan, president of the Insurance Corporation Employees Union, LIC Vellore Divisional Office Branch presided over it in front of the divisional office.

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