Insurance employees, on Wednesday, threaten to go on nationwide strike, if the government passes the Insurance Law Amendment Bill -2008 in Monsoon Session of parliament. The Insurance Laws Amendment Bill, 2008 is ready for Cabinet nod with amendments in the Monsoon Session of parliament which has started on August 8.
Mr. S. Choudhury, All India Working Committee member,All India Insurance Employees Association said, “We will go for one day token strike throughout the whole country if the central Government passes Insurance Law Amendment Bill -2008 in Monsoon Session of parliament. The token strike will be followed by many other protest steps."
Furthermore, Mr. Choudhury said, “This will be followed by several campaigns, gate meetings, street cornering etc. on 16th and 17th August. We had protest demonstration in insurance office gates today."
The bill suggests to raise the foreign direct investment ceiling to 49 % from existing 26%.The Bill amends the Insurance Act, 1938, General Insurance Business (Nationalization) Act, 1972 and Insurance and Regulatory Development Authority Act of 1999.
Government has already introduced the Insurance Laws (amendment) bill, 2008 in the Rajya Sabha in December 2008.
Following the strong protest of opposition, the government, in May this year, postponed its decision to pass the bill. But if the report is to be believed, now the government is all set to push through all the bills for economic reforms in the monsoon session.