Audit EY firm by CAG, major non-life general insurance employee union demands

The General Insurance Employees' All India Association (GIEAIA), the majority union in the government owned non life insurance companies, is demanding an audit of consultancy firm EY by the Comptroller and Auditor General (CAG) and a statutory audit.

Citing the German government levying a hefty fine of 5,00,000 euros on the German arm of audit firm EY and banning it from taking audit of certain kinds for two years, Trilok Singh, General Secretary, GIEAIA said the firm should be audited by CAG and its report on the restructuring of the public sector general insurance companies should be scrapped.

According to Singh, under the pressure from some officials of the Department of Financial Services, the management of public sector general insurance companies are blindly imposing the EY's report involving the closure/merger of offices and imposing key performance indicators (KPI) in haste.

"It is strange that the management of PSGI (public sector general insurance) companies have not shared the complete reports with the employees, officers, and other stakeholders and are moving ahead unilaterally," Singh said in a statement.