Date:03/08/2004 URL: http://www.thehindubusinessline.com/2004/08/03/stories/2004080301461901.htm

Back FDI hike opposed by insurance employees

Our Bureau

THIRUVANANTHAURAM: There is no need for foreign technology in the insurance industry, according to the South Zone Insurance Employees Federation, which is currently holding its 28th general conference here.

None of the new private insurance companies has brought in any new technology; they have been utilising only the expertise, experience and product structure of the public sector insurers, a spokesman of the federation said.

Private insurers are only interested in the creamy layer of the insurance market whereas the Life Insurance Corporation of India takes care of the insurance needs of the rural and the urban poor.

On Tuesday, the Trivandrum Insurance Institute will organise a seminar on `Budget proposal for enhancement of foreign direct investment in insurance industry and proposal for taxation of life insurance (risk) premium'.

Among those who will be presenting papers are Mr N.M. Sundaram, President, All-India Insurance Employees Association, and Mr S. Chidambaram, Consulting Actuary.