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THIRUVANANTHAPURAM: Veteran Communist leader and Member of Parliament, Mr P. K. Vasudevan Nair, has said that the Finance Minister, Mr P. Chidambaram, owes an explanation to the nation as to why foreign capital is required in excess of what already exists in the insurance sector.

Mr Nair said this while inaugurating a seminar here on `Budget proposals for enhancement of FDI in the insurance sector and the proposal for levy of service tax on life risk premium' held under the auspices of the Trivandrum Insurance Institute.

Indian insurance companies are equipped to meet their capital requirements on their own. The proposal to hike foreign capital in the sector went against the grain of the CMP, Mr Nair said. Speaking on the occasion, Mr N. M. Sundaram, President, All-India Insurance Employees Association, the Indian insurance industry did not need foreign technology. Mr S. Chidambaram, Actuary, stated that the proposal for service tax on life risk premium is ill conceived and ruinous.

More Stories on : Foreign Direct Investment | Insurance | Kerala

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