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Kochi, Nov. 3

The General Insurance Officers’ All India Association has opposed the Central Government’s decision to increase foreign direct investment (FDI) in the insurance sector from the current 26 per cent to 49 per cent. Citing the collapse of AIG (American International Group) and its impact on Tata-AIG, Mr P.P. Mohanan, General Secretary of the association, said that the policy holders were least affected as the foreign investment was limited to 26 per cent only. The Government has not learnt lessons from the recent global financial crisis, and the proposed reform is detrimental to the interest of the policy holders, he said. While AIG had to be bailed out by $85 billion as a United Federal grant, he hoped that the Indian Government would not have to step in a similar manner in the Indian context for the sake of the policy holders.

— Our Bureau

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