Sec.Gen/10/2014 -16, Date -21 -12 -2014 Dear Comrades, As you all know that the Cabinet has approved the recommendations of the Select Committee, Rajyasabha on Insurance laws (Amendment) Bill headed by Sri. Chandan Mitra increasing the FDI limit from 26% to 49%. The bill has made an additional crucial departure from its previous draft by allowing for foreign institutional investment (FII) in the insurance sector. The other recommendations are also detrimental for functioning of LIC and also against the interests of the policy holders and Nation as a whole. The Government is planning to place the Bill in the Rajyasabha and wish to pass it as early as possible. The removal of Section 40A and substituting 40B & 40C are very dangerous to the marketing force along with other recommendations. When the Select Committee report is submitted to the Rajyasabha it becomes the property of the Rajyasabha. Seeing the danger that if the Bill is passed as it is by the Rajyasabha N.F approached Government and other political parties to explain in detail about the ill effect of some of the recommendations. From 15 th December to 17 th N.F delegation consisting of the undersigned along with AIP Sri.G.Nagesh, Res.Secretary, Delhi, Sri.Rajesh Guptha, Z.Sec S.C.Zone Sri.M.Vinay Babu, Div.Sec, Dharwad, Sri.Govind Joshi met various political leaders explaining the apprehensions of the N.F regarding the Bill. In this regard we met Hon’ble Finance Minister Sri.Arun jaitley, Minister of State, Finance Sri.Jayanth Sinha, Select Committee Chairman Sri.Chandan Mitra, and other committee members, Sri.Anand Sharma,(also the Leader of the Opposition in Rajyasabha), Sri.Rajeev Chandrashekar, Sri.Jesudasu Seelam. We also met Sri.Venkaiah Naidu, Minister of Parliamentary Affairs ,Housing,&Urban Development , Sri.Ananth Kumar, Cabinet Minister, Sri.Mallikarju Kharge, M.P,Loksabha (also the leader of Congress in Loksabha), Sri.Rajeev Gowda, Rajya Sabha M.P, Sri.K.Chiranjeevi,M.P,Rajyasabha, Sri.V.Hanumanth Rao,M.P,Rajyasabha, Sri.Suresh Angadi,M.P, Loksabha, Sri. Prabhakar Kore, M.P, Rajyasabha. We have given memorandum and explained to them in detail that the Bill is not in the interest of the policy holders, LIC and the Nation as a whole. We will be continuing our efforts in trying to convince the Government about the Bill and try to make necessary changes to protect the field force of LIC, Agents, and Policy holders. We are taking the opinion and suggestions from some of the Intellectuals in the Insurance Industry. The memorandum submitted is enclosed herewith which is self explanatory. We profusely thank Sri.Pralhad V.Joshi, M.P and younger brother of our Dharwad Division Secretary Sri.Govind V.Joshi for the kind help extended to the N.F. Comradely yours, Secretary General 1 2 3 4 MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL) TO FM Sri.Arun jaitley JI 5 6 MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL) TO Minister of State, Finance Sri.Jayanth Sinha JI 7 MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL) TO Sri.Venkaiah Naidu, Minister of Parliamentary Affairs,Housing,&Urban Development 8 MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL) TO Shri Ananth Kumar ji Minister of Chemicals and Fertilizers MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL) Shri Mallikarjun Kharge (Hon’ble MP Lok Sabha &Leader of the Opposition) 9 MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL) Shri Sri.Pralhad V.Joshi (Hon’ble MP Lok Sabha) MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL) Shri Anand Sharma Deputy Leader of opposition in Rajya Sabha, 10 MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL)Shri Sri. Rajeev Gowda (Hon’ble MP Rajya Sabha & National spokesperson for the Indian National Congress) 11 MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL)Shri D. Raja (Hon’ble MP Rajya Sabha) MEMORANDUM AGAINST THE INSURANCE LAWS (AMENDMENT BILL)Shri Rajeev Chandrasekhar(Hon’ble MP Rajya Sabha) 12 13 .