Millennium Post

AITUC asks Centre to review insurance procurement policies

AITUC on Sunday asked the Centre to review its 'pro-corporate' insurance procurement policies and encourage and develop the government and public insurance industry to achieve total indigenisation of insurance sectors.

In a resolution adopted at the four-day session, which concluded today, AITUC expressed concern over the policy being pursued by BJP government in the insurance sector in the name of reforms, which was keen on implementing the 'neo-liberal' policy and raising the FDI to 49 per cent for the benefit of corporate insurance companies.

Stating that four nationalised companies were effectively functioning, with a long leap over 24 private corporate insurance companies, it said the money invested in public sector by these companies were most effectively used by the public sector undertakings for their growth. During the recent floods in Chennai, New India and United India insurance corporations had settled more than 4,000 claims, more than any other private company, it claimed. As public insurance played an important role in the economic development, AITUC urged the government to reverse the insurance reform agenda and pursue people-oriented insurance policies, it said.

AITUC also condemned and opposed privatisation of gold mining, precious metal that needs to be taken care of by the government of India, it said. 
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