Call to protect insurance sector

Chennai, Dec 24 (UNI) All India Insurance Employees Association (AIIEA) General Secretary K Venugopal today called for intensified struggle to protect the public sector general insurance companies and consolidate them into one single entity.

Addressing the delegate session of the XII Biennial Conferene of General Insurance Employees Association (South Zone) here, Mr Venugopal alleged the Centre was contemplating to hike the FDI in the insurance sector to 49 per cent from the present 26 per cent.

The proposed hike was unnecessary as it would not protect the people's savings, he claimed.

The National Common Minimum Programme adopted by the UPA Government provided for strengthening the insurance industry in public sector.

The government should take immediate steps towards this and merge the general insurance companies,he added.

He also warned against de-tariffing in the general insurance sector which would take effect from January one ''as it would create havoc and help only the private players.'' Mr Venugopal appealed to the employees to fight against the ''ill-conceived'' economic policies of the Union Government.

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