Udupi: Life Insurance Corporation employees, Udupi staged candle light protest by forming a human chain, at LIC Office, Ajjarkad on December 12.

The protest was against the proposed Insurance Laws (Amendment) Bill, 2008, recommending a hike in FDI in insurance sector from 26 to 49 per cent.

Speaking on the occasion U Gurudatt, Udupi division of Life Insurance Corporation general secretary said the report, carrying dissent notes from four of the 15 members, incorporated Congress party’s demand for a composite cap on such investments.

He added that the amendment of the Bill would be presented in the parliament during the winter session. A committee submitted its report to Rajya Sabha, and was approved by the Cabinet.

He added that dissenting parties include the Samajwadi Party, Trinamool Congress, Communist Party of India (Marxist) and Janata Dal (United). These parties are opposed to further opening of the insurance sector to foreign investment.

An attempt is made to secure the approval of the house, he alleged. He also said that the new government is like the previous government.

He alleged that if the amendments in the Bill are approved, the private insurance companies will be offered the privilege of looting the savings of the people in the country.