CHENNAI: The unions in the General Insurance Corporation of India Ltd (GIC Re) and government-owned general insurance companies on Monday called off their January 4 strike, said an union leader.

Following an agreement with the management of the enterprises at the conciliation conference held by the Chief Labour Commissioner, Central, the strike has been called off.

The Labour Commissioner advised the managements to give proper bilateral opportunity for discussion with the Associations within 15 days and take the suggestions, said Trilok Singh, convenor-north zone, Joint Forum of Trade Unions and Associations. "Various arguments took place in the meeting from both sides (JFTU). He said that the CLC had also urged the administration to positively take into account the suggestions made by the associations.
"The Managements promised to meet with the Associations for the same within 15 days. We have decided to postpone the strike till further guidance given in light of these instructions from the CLC's office and the management's decision "Said Singh.

The management representative stated during the conciliation hearing that it has been a subject of existence for the insurers since 2016.

They said that the companies are still having trouble surviving despite the government's funding infusion. Companies must be cost-effective if they are to preserve their solvency ratio.

The representative of the Department of Financial Services also maintained that the insurers have to improve their performance. Girish Khurana, National Convenor of JFTY, issued the strike notice in retaliation for the unilateral implementation of the EY recommendations for the restructuring of the five reinsurers.

The Chairman-cum-Managing Directors of the five firms, the Joint Secretary of the Department of Financial Services, and Khurana had been invited by the CLC to a meeting for reconciliation.

The unions have been demanding a copy of the EY report for a long time. The management had given them a copy of the powerpoint presentation made to them about the EY report.

In a previous letter to Suchita Gupta, Chairperson GIPSA and Chairman-cum-Managing Director, National Insurance, Khurana stated, "Bullet points given in PPT (powerpoint presentation) reveal no specifics and we are unable to submit our view-points and suggestions in the matter."

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