AIIEA general secretary NM Sundaram told reporters here on Tuesday that the memorandum, addressed to the Lok Sabha speaker, constituted the "true National consensus" against the bill, now being scrutinised by a parliamentary standing committee.

If, instead of respecting this opinion, the Government sought to push the bill through Parliament "based on some cosmetic changes in the provisions suggested by the standing committee", the AIIEA would intensify its protest, he said.

The AIIEA also planned a march to Parliament some time this month. The memorandum would also be sent to the Rajya Sabha chairman along with a protest letter addressed to the Prime Minister, Sundaram said.

Criticising the reference of the IRA Billto the standing committee rather than a joint select panel, he said the committee had not invited over 300 eminent people, including former judges, lawyers and retired officials who wanted to give their views against it.

Sundaram said it was unfortunate that the select committee had chosen to hear the arguments in favour of foreign entry into the insurance sector from fICCI, CII and Assocham, but had not not invited academics, trade unions and retired judges who wanted to counter the same. The committee was trying to make believe that a consensus had been arrived at the hearings in favour of the move, he lamented.

Replying to a question, he said he had appeared before the committee and argued against the proposal stating that it would only benefit foreign firms which, unlike the LIC and GIC, would not not be interested in investing in the social and economic infrastructure of the country. The foreign firms were already trying to lure agents of the LIC and GIC by offering them perquisites, he alleged.

Hesaid both the LIC and GIC had performed exceedingly well, creating asset bases worth Rs 110,000 crore and Rs 21,564 crore out of equity bases of a mere Rs 5 crore and 21.5 crore contributed by the Government at the time of nationalisation of the insurance sector. The two firms had to their credit 97 per cent and 74 per cent settlement claims as against many foreign insurance firms whose settlement record was poor, he added.

Replying to another question, he said that though the BJP had not included the entry of foreign firms into the insurance sector in its election manifesto, the move was being pushed through under pressure from the United States as was evident from the post-Pokhran talks between representatives of the Indian and US governments. (PTI)

insurance protest two last chennai

Mr Sundaram said it was unfortunate that the select committee hadchosen to hear the arguments in favour of foreign entry into the insurance sector from the ficci, cii and assocham, but had not not invited academics, tradeunionists and retired judges who wanted to counter the same. The committee was trying to make believe that a consensus had been arrived at the hearings in favour of the move, he lamented.

Replying to a question, he said he had appeared before thecommittee and argued against the proposal stating that it would only benefit foreign firms which, unlike the LIC and GIC, would not not be interested in investing in the social and economic infrastructure of the country. The foreign firms were already trying to lure agents of the LIC and GIC by offering them perquisites, he alleged.

He said both the LIC and GIC had performed exceedingly well,creating asset bases worth Rs. 110,000 crore and Rs. 21,564 crore out of equity bases of a mere Rs. five crore and 21.5 crore contributed by the government at the time of nationalisation of the insurance sector. The two firms had to their credit 97 per cent and 74 per cent settlement claims as against many foreign insurance firms whose settlement record was poor, headded.

Replying to another question, he said though the BJP had not notincluded entry of foreign firms into the insurance sector in its election manifesto, the move was being pushed through under pressure from the united states as was evident from the post-pokhran talks between representatives of the Indian and us governments.