Financial Daily from THE HINDU group of publications
Wednesday, Jun 23, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 23, 2004 |
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Money & Banking
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Trade & Labour Unions Insurance staff demand policy changes Our Bureau
Visakhapatnam , June 22 THE All-India Insurance Employees' Association (AIIEA) has urged the United Progressive Alliance Government to merge the four general insurance companies into a single corporation and to repeal the Life Insurance Corporation (LIC) Amendment Act, 1981, to restore to the insurance staff the right to collective bargaining. In a statement issued here after the recent two-day conference of the secretariat of the AIIEA, Mr. K. Venugopal, the General Secretary, and Mr. N.M Sundaram, the President, said the new Government should change the policies, must instruct the Insurance Regulation and Development Authority (IRDA) to probe the functioning of the private insurance companies and not concede the demand for hiking the foreign direct investment from 26 per cent to 49 per cent. The existing rules on solvency margins, he said, were very unfair to the public sector insurance companies, which had a track record of sound finances and management for several decades. The wage revision in the insurance industry, pending since August 2002, should be effected. An All-India Demands' Day would be observed on August 5, they added.
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