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Kochi, July 9

The Annual General Body Meeting of the United India Insurance Officers Association held here recently strongly criticised the attitude of the Centre towards the public sector insurance companies.

The decline in public sector insurance companies would bring in chaos in the general insurance industry in the country and undue hardship to the insuring public by way of non-availability of the required covers and increase in cost of premium, an official release issued after the AGM said.

It claimed that the presence of strong public sector general insurance companies was indispensable for the healthy and balanced growth of the insurance industry. Every step taken by the Union Government under the pretext of reforms is weakening the public sector insurance companies, as the Government is encouraging outsourcing of core activities, instead of utilising the experienced and competent human resources available in the public sector. It incurs additional costs as well as results in demoralising of the workforce.The AGM also elected Dr M.A. Azeez, as President and Mr P.C. Sreekumar, Secretary of the association for 2006-07.

(This article was published in the Business Line print edition dated July 10, 2006)
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