AIIEA opposes govt moves to hike FDI in insurance sector

Mangalore Today News Network

Mangalore,Dec 7, 2012:  U Gurudutt, Chief Secretary of the Udupi division of the All India Insurance Employees Association (AIIEA) has said that the Association was strongly against the FDI in retail policy of the Centre.

 

 

Speaking to reporters   at Press Club in Mangalore on December 7, Friday, he said the  Association was of the strong belief that the FDI was not in the best interests of the nation.

Referring to global statistics which reveals that India stood first in the world in providing insurance cover to its people, he said this being the case, attracting more foreign investment in this sector would mean that the government was allowing foreign  companies to earn profits.

Gurudutt also said the Association was against the UPA government moves to get the Insurance Laws (Amendment) Bill 2008 approved in the Parliament. He said Bill  which envisages an  increase in  foreign investment limit in insurance sector from existing 26 per cent to 49 per cent, was detrimental to the interests of domestic insurance sector.

He further informed that the Association has even given a call for a nationwide protest against price rise and FDI policies of the UPA government on February 20 and 21, 2013.