Convention against FDI in Insurance by SDLIEA, Jharsuguda

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Jharsuguda, December 1 : Jharsuguda Branch of Sambalpur Division Life Insurance Employees Association today had organised a convention against the Foreign Direct Investment (FDI) in Insurance Sector in which many employees along with various locals had participated.

This Convention was held at premises of Life Insurance Office situated Near Collectorate Office. In this convention the General Secretary of Sambalpur Division Life insurance Employees Association Mr. Trinath Dora was the chief guest along with Jharsuguda Branch Manager Shiv Nath Panda, Ex- Chairman Tapas Ray Choudhary, L.M. Das (Rtd. Lecturer), Balgovind Mishra , Ompraksh Agarwal, Arjun Mor were present in this convention. Arun Kumar Chaini, the president of the Life Insurance Employees Association of Jharsuguda Branch had welcomed the guest.

Mr. Trinath Dora had given an overall picture of the Insurance Sector from the it’s beginning along with date wise milestone achieved in Insurance sector. He also had given facts and figures about various private companies who are into insurance sector and their practices. He said that “In the year 2004 UPA-I had first proposed to increase the FDI in insurance sector recommended by P. Chidambaram and now again Government is thinking to introduced this in present winter session. However we are opposing it and we want to say that Country’s saving of an individual should be within the country and not with any foreign companies. Secondly when L.K. Advani was the Home minister, he said that at least 25 billion dollars rupees would be come in the country but if we can go through the report of IRDA in last 12 years only 1.2 billon dollars has come in into the India. Thirdly it was said that Life insurance Corporation’s doesn’t have high Insurance Density as well as Insurance Penetration because of which the foreign investment is required but according to the report of world economic forum, India’s has the highest Insurance Density and stand in no. 1 in this segment.  Forthly we want to question Government towards the loyalty of the foreign companies with our country. For example many foreign companies have already left the country. Like American Insurance Group which is one of the largest Insurance Company of the world, New York Life insurance whic is presently associated with Max and known as Max New York Life Insurance. Similarly many other foreign banking institutions like ING Vysya had given application for withdrawing themselves from insurance sector. Hence, we are against the FDI in insurance and government’s proposal of FDI in sector is totally failure. We would also like to add that LIC which is Public Sector Company and it is working for the people and the other private companies are being fined by the IRDA.

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