IANS | 10 Sep, 2023
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.
