CPI(M) to protest against Swarup Committee report

LIC agents to oppose move to hike FDI in insurance sector
‘Policies of Union Government pose a threat to LIC’
Proposal to scrap promotional activities termed ‘ridiculous’

MANGALORE: The Life Insurance Corporation Agents Organisation of India (LICOA) resolved to oppose the proposed legislations of the United Progressive Alliance government during its two-day State conference that began here on Sunday.
The LICOA, which is affiliated to the Centre for Indian Trade Unions (CITU) and is backed by the Communist Party of India (Marxist), has concluded that the policies of the Union Government posed a grave threat to the LIC.
Speaking to presspersons on the sidelines of the conference, Basudev Acharia, CPI (M) MP from Bankura, West Bengal, said that his party and the unions aligned with it would launch a nation-wide agitation against the D. Swarup Committee report.
The report, which was submitted to the Union Government on December 3, recommends scrapping of the commission being paid to LIC from 2011. It favours complete stoppage of LIC promotional activities such as advertisements as the committee felt that those interested in securing an insurance policy would approach the corporation, if need be. Arguing that the recommendations of the committee were aimed at finishing off this 53-year-old Rs. 9-lakh-crore public sector behemoth, Mr. Acharia said that nearly 10 lakh LIC agents would be rendered jobless if the recommendations were to be adopted. He termed “ridiculous” the suggestion to scrap promotional activities.
Raising concerns over the alleged “capitulation” of the Union Government to multi-national insurance lobbies, he said there was a “conspiracy to destroy LIC” so as to prepare a ground for the entire of foreign players in the insurance sector.
Mr. Acharia said that he had introduced a private member’s Bill in Parliament demanding job security, pension and welfare fund for LIC agents.
Courtesy: The Hindu
(I try to publish here the details of the above said Bill as early as possible.)