MP K Radhakrishnan Slams Insurance Amendment Bill, Calls for Withdrawal

New Delhi: MP K Radhakrishnan has criticized the new Insurance Amendment Bill, stating that it opens up the insurance sector to corporate interests at the expense of social security. Participating in the Lok Sabha debate on the bill, he said that although it is presented as a measure to increase insurance coverage, the bill in reality strengthens privatization, centralization, and the dominance of foreign private companies.

By opening the insurance sector to private players, the central government has taken steps that undermine public sector institutions like LIC and General Insurance. The bill also dismantles the existing parliamentary oversight and regulatory mechanisms in the insurance sector. The newly coined slogan of the bill, “Sab Beem Sabki Raksha,” is, according to Radhakrishnan, merely an empty phrase. He urged the central government to withdraw the bill.