Federation opposes FDI in insurance sector

Vijayawada: The National Federation of Insurance Field Workers of Republic Of India (NFIFWI) is opposed to the Centre's move to raise the Foreign Direct Investing (FDI) in the coverage sector.

Federation Secretary-General R. Jayaprakash, in a release here, claimed that the projected move would assist foreign companies to derive sole control over the nest egg of the people in the sector.

The move was aimed at appeasing the foreign coverage companies in the country, which were incurring immense losses, he alleged.

Jayaprakash said the "nefarious design" to retreat the autonomous warrant for all coverage policies of the public sector, on the stalking-horse of offering a degree playing ground, tantamounts to treachery of the basic aim of the industry.

The Centre's move would also strip the citizens of their lone beginning of societal security, he said.

The NFIFWI, the lone representative organic structure of 21,000 development military military officers of Life Insurance Corporation of India, organised a Parliament March on March 5 to protest the move to "destabilise" the Corporation and high spot the "oppressive measures" initiated by the LIC direction against the development officers to phase them out from the industry, Jayprakash said.

Though a Memo of Understanding on service statuses was signed by NFIFWI and LIC in 1989, the direction and the Centre were trying to change the service statuses to pave manner for private players, he alleged.

The NFIFWI also sought continuation of autonomous warrant ensured for LIC policies, protecting the involvement of the agents and conducting a comprehensive reappraisal of the post-privatisation epoch before taking any critical decisions, he added.