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| GIEU demands merger four insurance companies | | | Early Times Report
Jammu, Apr 20: General Insurance Employees Union (GIEU) demanded merger of four public sector general insurance companies into One Corporation (National, New India, Oriental, United India).
Addressing a press conference, here at Press Club, the representatives of GIEU said that the BJP led NDA government at the centre has succeeded to push through the Insurance laws Amendment bill in the Parliament.
"The Passage of the bill paved the way for increase in the Foreign Direct Investment (FDI) limit from 26% to 49% and disinvestment of four public sector general insurance companies and GIC of India RE up to 49%", GIEU leaders said, adding that BJP opposed the Insurance laws amendment bill when it was introduced in the Rajya Sabha in 2008.
"It was referred to the Parliamentary standing committee on Finance. The Parliamentary standing committee on Finance under the chairmanship of Yashwant Sinha of BJP unanimously rejected the proposal for increase in the FDI limit in insurance sector from 26% to 49%.It is ironical that the government headed by BJP was pushed the same bill for passage in the Parliament", they said.
They further said that AIIEA decided to continue the campaign against the central government's attitude to weaken the public sector insurance companies through seminars/conventions/ distribution of pamphlets across the country and seeking the support of the people.
"We are having the confidence that people will support public sector insurance companies. In the year 1999 when the then BJP led NDA government opened up the insurance sector for private players, the majority people of this country are insuring with public sector only. Public sector LIC of India and four public sector General Insurance companies are having market share of 75% and 55% respectively for the year 2013-14", GIEU said and added that the four public sector general insurance companies retained its market share of 55% for the year 2014-15 also.
"We are demanding the central government to merge the four public sector general insurance companies into Single Corporation. The Wage revision is due to the public sector insurance employees from 01/08/2012, despite on elapse of more than 2 years 9 months this important issue of the employees remains unsettled", said GIEU, addressing media persons. |
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