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IPO in public insurance firms opposed

THIRUVANANTHAPURAM: The General Insurance Officers All India Association has opposed the Central government move to introduce an initial public offer (IPO) in the public sector general insurance companies.

Association general secretary P.P. Mohanan said in a statement here on Tuesday that the proposed amendment to the General Insurance Business (Nationalisation) Act, 1972, to raise capital from the markets through IPO was against the assurance given by the Centre while moving the Insurance Regulatory and Development Authority Bill in 1999. Even government fund can be utilised for the purpose, Mr. Mohanan said.

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