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Madurai, Sept. 22

The All-India Insurance Employees’ Association (AIIEA) has opposed any hike in FDI limits in the insurance sector. The union would organise a one-day strike if the Government brought any legislation to hike the limit from 26 per cent to 49 per cent, said Mr K.Venu Gopal, General Secretary of the Association, in a statement here on Monday. When Indian partners are in a position to infuse more capital, where was the need to hike the FDI limits, he asked, referring to a statement by the IRDA Chairman, Mr J. Harinarayana, with reference to the crisis pertaining to the Tata-AIG insurance group, that the Tatas had the resources to take over the share of AIG if a situation arose. Referring to the union’s demand for 40 per cent wage increase, he said the growth of Life Insurance Corporation of India and the four public sector general insurance companies justified the demand. —

Our Correspondent

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