AIIEA Wants New India Assurance To Scrap Tie Up With AMP Sanmar

Chennai, Aug 24 | Updated: Aug 25 2004, 05:52am hrs
The All India Insurance Employees Association (AIIEA) on Tuesday condemned the tie-up between New India Assurance and private AMP Sanmar Life Insurance Co to cross sell each others products, saying this amounts to a public sector institution working against its own character.

In a statement here, J Gurumurthy, secretary of the association, said it was unethical on the part of New India to tie-up with a private sector company and to agree to part with the data base to the private player who is a competitor to the government-owned LIC.

He said it would be injurious to the interest of the public sector and the interest of the clientele as well when New India persuades its clients to take out long-term life insurance policies from a private company.

AIIEA condemns such a tie-up and demands New India management not to go ahead with the arrangement and scrap the tie-up, Mr Gurumurthy said.