The General Insurance Officers All India Association has refused the Union Government''s move to introduce an initial public offer (IPO) in the four public sector general insurance companies. Mr P. P. Mohanan, General Secretary of the Association, Kerala, said that the projected amendment in the General Insurance Business (Nationalisation) Act of 1972 to mop up capital from the markets via an IPO is against the assurance given by the Union Government while moving the Insurance Regulatory and Development Authority (IRDA) Bill in 1999. In order to raise the equity base of the four PSU general insurance companies, he advised that the government should think of other alternatives.
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