 Online edition of India's National Newspaper Wednesday, Dec 31, 2008 ePaper | Mobile/PDA Version |
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Andhra Pradesh
Merger of four public sector insurance firms into a single entity sought ‘Companies should share information with unions for review HYDERABAD: The three-day 13th biennial conference of the General Insurance Employees’ Association, South Zone, which concluded here on Tuesday, opposed the increase of foreign direct investment in the insurance sector from 26 to 49 per cent. It also opposed the move to amend the General Insurance Business Nationalisation Act to permit the four public sector insurance companies to approach capital markets for raising capital and to change the investment norms of insurance funds. Resolutions passedLeaders of the association, who released the resolutions, said the conference demanded merger of the four public sector companies into a single entity. This step would make them stronger and effectively face the challenges of competition. They said there was need for detailed discussions on the business process re-engineering initiatives being taken up, since ‘they have proliferated as pilot offices’. The conference wanted the companies to share the related information with the unions/associations for a review before taking further action on the initiatives. The conference called for early ‘meaningful negotiations’, with concrete proposals, for finding an early solution to the charter of demands submitted by the All-India Insurance Employees’ Association and removal of ‘negative’ clauses in the amendments to the promotion policy. Plea for recruitmentIt demanded recruitment of core staff and restoration of compassionate appointments and settlement of non-core issues, such as increased vehicle advance, conveyance allowance.
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