Compiling List of Individuals Whose Actions Are Detrimental to Insurance Sector: GIEAIA to PM

In a letter to Prime Minister Narendra Modi, the General Insurance Employees’ All India Association (GIEAIA), a major union in the public sector non-life insurance companies, said it is compiling a list of individuals whose actions are detrimental to the integrity of the country’s insurance sector and also affecting the public sector insurers.

“We are diligently compiling a list of individuals whose actions may be detrimental to the integrity and fairness of our insurance sector. We firmly believe that decisive action in this matter will help restore the integrity and fairness of our insurance sector, as these practices are adversely affecting the interests of public sector general insurance companies," the Union said in the letter.

The GIEAIA also said the issuance of `No Objection Certificates’ on a routine basis to the retiring senior officials of the government owned insurers to join the private sector.

It urged Modi to apply the two year cooling off period for retiring/resigning employees of Department of Financial Services (DFS) and associated financial subsidiaries/statutory bodies before they can take any other employment.

According to the GIEAIA, there have been instances where individuals with controversial records have joined commercial organisations immediately upon resigning from DFS.

“Therefore, we believe it is imperative to implement this rule rigorously to prevent officers handling sensitive assignments from accepting commercial employment for a minimum of two years post superannuation or exit from the government structure,” the Union added.