BHUBANESWAR: The All India Insurance Employees’ Association (AIIEA) has opposed the increase in Foreign Direct Investment (FDI) in insurance sector from 29 per cent to 49 per cent.
The working committee of the AIIEA met here recently in the background of the passage of the Insurance Laws (Amendment) Bill 2015 increasing FDI in insurance sector. The meeting felt that there was absolutely no need to increase FDI as LIC and the public sector general insurance companies had been performing extremely well, even in the competitive atmosphere.
Increasing FDI will only amount to handing over the hard earned savings of the people to foreign capital, a resolution passed at the meeting said.