The All India Insurance Employees’ Association (AllEA) general secretary Shreekant Mishra on May 7 said that despite the sterling performance of the Life Insurance Corporation (LIC), attempts were being made by the Central Government and the regulator of the insurance industry, the Insurance Regulator Development Authority of India (IRDAI), to bring in certain policy changes which would adversely affect the interests of the LIC.
Vulnerable to fraud
Addressing a press conference here, Mr. Mishra said the government was likely to amend the insurance laws, and through the amendments, expected to change the minimum capital requirement, commission structure and allow issue of composite licenses.
