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Employees hold 'candle march' to oppose FDI hike in Insurance sector 11/11/2014 11:35:01 PM Ealry Times Report Jammu, Nov 11: insurance employees from Life Insurance Corporation and General Insurance Corporation (GIC) of India, today organised a protest demonstration cum 'Candle march' here this evening outside Press Club of Jammu against the Central Government's decision to allow hike FDI in Insurance sector from 26% to 49%. The protestors from various insurance companies assembled outside Press Club Jammu to show their resentment against NDA Govt's move to hike FDI in Insurance sector from 26% to 49%. Amid slogans against central government, the protestors held a 'candle march' under the leadership of Com Dileep Koul, General Secretary GIEU (J&K) and Com Pawan Gupta, Divisional Secretary Northern Zone Insurance Employees' Association J&K. "This move will benefit and enable the multinational companies to have greater access and control over domestic savings of the Indian public whose money will not be safe in their hands as many of these multinational companies have nearly collapsed during the economic crisis of 2008, they underlined. They also rejected the Govt's claim that customers will get good service by competition which is proved wrong when we see the track record of service to customers provided by the private insurance companies. They cited example it can be judged by the fact that lapsation ratio in LIC of India which is nearly 5% while ICICI Prudential recorded 42%, Reliance-38%, Bharti Axa-36% whereas the claim settlement ratio in LIC of India is much higher i.e. 99.5% as compared to private players in insurance se sector. The speakers also strongly opposed the disinvestment of the General Insurance Public Sector companies through the Insurance Laws Amendment Bill 2008 and demanded merger of four public sector General Insurance Companies. The Association also announced to hold a Convention against Hike in FDI in Insurance Sector from 26% to 49% through Insurance Laws Amendment Bill 2008 at Jammu on 15-11-2014 and also declared that insurance employees all over India will observe one day strike if the Insurance Laws Amendment Bill 2008 is passed in the coming Parliament Session. Among others who addressed the protestors included Joint Secretaries Vice President and Divisional Committee Members of the insurance employees associations   Share This News with Your Friends on Social Network     Comment on this Story

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