The Insurance Employees’ Union, Dharwad Division, affiliated to the All India Insurance Employees’ Association, Hyderabad, has called for a one-day strike on Monday to express its strong resentment over the passage of the Insurance Laws (Amendment) Bill 2015 by Lok Sabha. The employees of LIC and four public sector general insurance companies will take part in the strike.
Insurance Employees Union general secretary Uday Gadagkar in a release termed the government’s move ill-conceived and said the Insurance Laws (Amendment) Bill which was introduced by the UPA government could not go through in the Rajya Sabha, and the NDA government, had issued an ordinance, and introduced it in the Lok Sabha and got it passed on March 4, despite stiff resistance from all the opposition parties like CPM, TMC, Congress and others.
The Insurance Employees Union claimed that the Insurance Laws (Amendment) Bill which proposes to amend provisions of the Insurance Act 1938, General Insurance Business Nationalisation Act (GIBNA) 1972 and Insurance Regulatory and Development Authority Act 1999 has several provisions detrimental to the interests of the public sector insurance firms like Life Insurance Corporation of India and four General Insurance Companies.
