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GIEIA Reiterates Demand For Single Corporation

By integrating the existing four general insurance companies

The General Insurance Employees All India Association (GIEIA) has insisted for a monolithic corporation, by integrating the existing four general insurance companies – reported in Business Standard.

The association has adopted a resolution demanding the government to go back to one entitity. It seeks to combine all the four public sector general insurance companies – National Insurance, Oriental Insurance, New India Assurance and United India Insurance.

As per the demand, the Government should not raise foreign direct investment (FDI) from 26% to 49% in private sector insurance companies, as it is not in the national and public interest.

The association contrasted the outsourcing of work in four PSU general insurance companies, which might affect the new recruitment.