Insurance Employees Association opposes FDI hike in insurance

The North Zone Insurance Employees Association (NZIEA), on Tuesday, strongly opposed Centre's decision to increase foreign direct investment (FDI) in insurance sector to 49 % from existing 26%, protesting that the FDI in the sector will mostly benefit the speculative market and ‘do no good to the country’. Speaking to the reporters, General Secretary of NZIEA, Mr. Anil Kumar Bhatnagar said that the Union Government had recently approved the Insurance Laws (Amendment) Bill, 2008, and it was being proposed to be placed for discussion in the Rajya Sabha. “Parliamentary standing committee headed by former finance minister Yashwant Sinha had unanimously submitted its report on December 13 to the parliament, and the committee had opposed the increase in FDI in the insurance sector,” he added.