AIIEA asks Centre to withdraw LIC Amendment Bill
MADURAI: The All-India Insurance Employees Association has asked the Centre to withdraw the proposed LIC Amendment Bill (2009) and Insurance Law Bill, failing which it would go on agitation.
The amendment foresees permits raising the FDI limit in the insurance sector, AIIEA General Secretary K Venugopal said.
Every year, Rs 2.5 lakh crore is mobilised as premium by Life Insurance Corporation and this was the savings of people and it was going to be placed in the hands of foreign capital, where even the government would have less control, he told reporters here last evening.
The Standing Committee of Parliament on Finance, while submitting a report on the LIC Amendment Bill, 2009, had said the sovereign guarantee on LIC policies and surplus distribution of shares to policy holders should continue
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