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Jayalalitha demands amendment to insurance bill

The All-India Anna Dravida Munnetra Kazhagam general secretary J Jayalalitha today demanded that the Centre amend the Insurance Regulatory Authority bill to prevent foreign investors from dominating the insurance sector and to maintain government control over the proposed authority.

In a statement, she said the amendment should also ensure that all the investors were fully protected and the premiums realised from foreign capital were used for investment in India and not diverted to other countries.

Jayalalitha, whose party is a major constituent of the BJP-led coalition government at the Centre, pointed out that though foreign capital was allowed in the sector, the government retained its authority to appoint the corporate chief and the members of the body. Hence, the bill would not go against the country's interests.

She said the AIADMK welcomed the Centre's efforts to regulate the nationalised insurance companies to achieve a balanced economy. The bill was tabled in Parliament only after considering the recommendations of the committees formed by previous governments.

She said her party also favoured the patent bill she felt leaving the World Trade Organisation would only create problems for India.

UNI

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