Chennai, Jan 2 (IANS): The unions in the government-owned general insurance companies and General Insurance Corporation of India Ltd (GIC Re) on Monday called off their January 4 strike, said an union leader.

The strike has been called off following an agreement reached with the management of the companies at the conciliation meeting called by the Chief Labour Commissioner, Central.

"Various arguments took place in the meeting from both sides and finally, the CLC advised the managements to give proper bilateral opportunity for discussion with the Associations within 15 days and take the suggestions," Trilok Singh, Convenor-North Zone, Joint Forum of Trade Unions and Association (JFTU), told IANS.

He said the CLC had further advised that the managements should consider the suggestions of the associations positively.

"Managements agreed to meet the Associations within 15 days for the same. In the light of these instructions from the CLC's office and the managements' decision, we have decided to defer the strike till further advices," Singh said.

At the conciliation meeting, the management representative said since 2016 it has been a matter of existence for the insurers.

They said even after infusion of capital by the government, the companies are struggling to survive.

The companies have to maintain solvency ratio and for that, they have to cost effective.

The representative of the Department of Financial Services also maintained that the insurers have to improve their performance.

The strike notice was given by Girish Khurana, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations on rejigging the five reinsurers.

The CLC had called the Chairman-cum-Managing Directors of the five companies, Joint Secretary, Department of Financial Services, and Khurana for a conciliation meeting.

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

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