HYDERABAD: Employees working in the government-owned Life Insurance Corporation of India and the four general insurance companies held lunch-hour protest demonstrations at their offices on Tuesday, opposing moves to liberalise the insurance sector.The secretariat of All India Insurance Employees Association (AIIEA), which met in New Delhi recently, gave a call for demonstrations on the first day of the winter session of Parliament against the attempts of the Congress-led UPA government at the Centre to have two legislations aimed at further liberalising the insurance sector.“The government is making attempts to have the Insurance Laws (Amendment) Bill 2008 passed by Parliament. This bill is aimed at increasing the foreign direct investment limit from 26 to 49 per cent and paving the way for the loot of international savings of the people by foreign capitalists,’’ Insurance Corporation Employees’ Union Hyderabad division president Md Mahaboob and general secretary N Adhish Reddy said.Another bill, LIC Act (Amendment) Bill-2009, aims at increasing the capital of LIC from Rs 5 crore to Rs 100 crore. This bill will change the pattern of surplus from the present 95 per cent to policyholders and 5 percent to government to 90 per cent surplus to policyholders and 10 per cent to government.
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