""FLASH NEWS""


"23RD JULY IS NEW INDIA'S FOUNDATION DAY(23RD JULY, 1919). ON THIS HAPPY OCCASSION, LET ALL NEW INDIANS TO RE-DEDICATE THEMSELVES ONCE AGAIN TO BRING BACK IT'S GLORY AND TO RETAIN NO.1 POSITION WITH PROFITS




Thank u all for staging a successful DHARNA today (06.7.2015) all over India as part of JFTU programme. At Mumbai we met Chairman GIPSA who informed that ministry is insisting on wage settlement on bank line only. Still they are pursuing with the ministry for getting sanction for a better package for PSGI Companies citing various factors. Due to this GIPSA is delaying resumption of wage negotiation. More stringent TU action is needed by JFTU against Ministry of Finance stand. JFTU will decide its further programme....Than 'Q'...Sujit Bagchi,General Secretary, "NFGIE""...""


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Friday, August 21, 2015

Problems of female employees who are given posting to different stations on promotions or transfer on TMP.


The Chairman-cum-Managing Director,                    Date: 20TH August,2015
The New India Assurance Co. Ltd.,
87, Mahatma Gandhi Road, Fort,
Mumbai – 400001.

Dear Sir,

I am constrained to bring under your kind  attention  the problems of female  employees who are given   posting to different  stations   on promotions or transfer on TMP.

In this connection , I like to appraise you that since last one year we are  constantly pursuing with GIPSA management  as well as you  as CMD of New India   for implementation of the  Circular dt 23rd. Sept.2014  issued  by Dept. of Financial Services , Insurance –I Section , Ministry of Finance , Govt. of India. ( Ref. No. S- 11012/04/ 2014/Ins.I)

As our information goes ,  you are aware of the said circular and  that you are in the process of seeking  clarification   from  the Ministry  for  implementation of the same. We are utterly  dismayed that  even after the lapse of 11 months  you are  yet  to receive desired  clarification . It seems your officials  entrusted with are less  serious  about   implementation of the said circular and averse to  making any sincere effort  towards effecting the scheme.

Needless to mention   that the hardship  and sufferings that  vast number of female employees/ officers   are confronted with because of adverse postings could have been mitigated  had the aforesaid Circular was  made effective  by this time .

Now  when, posting on promotion and transfer on TMP in New India  is on the anvil  in all cadres, I once again request you  to start with clearing the pending cases  at least up-to the cadre of Scale II officers (Asstt. Manager). The said Circular also be made effective forth- with  in  regard to current Promotional Posting / Posting on TMP  of female employees/ officers and not cause further loss of  time for getting the long  awaited clarification and thus provide relief to those employees/officers who have been transferred after 23.9.2014.

I earnestly request you to take the issue seriously on priority basis and do the  needful in line with the spirit and contents of the circular referred to.

Awaiting your positive response at the earliest.

 Thanking you,

Yours faithfully,
Sd/- xx xx xx,
SUJIT BAGCHI
GENERAL SECRETARY

Waive the provision of holding examination under Para 15 for promotion to Asst. cadre


20th August, 2015

CHAIRMAN                                                                                                  
GIPSA
C/o. The New India Assurance Co Ltd.,
87, M G Road,
Mumbai.

Dear sir,

I like to  inform you that  on behalf of NFGIE  the demand  was placed to waive the provision of holding examination under Para 15 for promotion  to Asst. cadre vide  letter dt 7.8.15 to you.  Subsequently, in reply to a mail dt.11.8.2015 from Mr. Harish Adhlakha, Manager, GIPSA  the demand  was reiterated. 

But till now we have not been intimated any further development in this respect. . Hence, again your attention to the issue is being drawn.   It is unfortunate that  t he  decision of GIPSA   to hold  examination    on -line  mode  in this year unilaterally  without  discussing the issue   with check -off qualified unions is a serious departure from the existing  practice. Please recall that  in the meeting  with GIPSA held on 1.1.2015 at New Delhi  all the unions opposed to GIPSA ’s proposal of conducting  examination on-line  mode  and it was suggested that the issue would be taken up at the time of  discussion  on revision of Promotion Policy .

But till now discussion on revision of promotion policy has not taken place and suddenly this year GIPSA has arbitrarily taken the decision to conduct the examination through on-line mode.  The holding of examination for promotion to Asstt. Grade from Sub-staff and Record clerk cadre through on- line mode  has caused serious resentment amongst the candidates. It is obvious  that considering the age factor of most of the  subordinate staffs and Record Clerks  it will be a really injustice to ask  them  to appear examination on-line mode .

Under this circumstances, we demand that the system of holding the examination under Para 15 be do away with and necessary instructions to this effect be issued  .

 Thanking you,

Yours faithfully,
  Sd/-xx xx xx
SUJIT BAGCHI

GENERAL SECRETARY

Thursday, July 30, 2015

NOTICE FOR 18TH BGC MEETING OF "NFGIE"

30.07.2015
N O T I C E

Notice is hereby served to all Regional/State Secretaries/General Council Members that 18th Biennial General Council Meeting  of N F G I E will be held on 30thSept & 1st October, 2015 at Chennai. The details of which are as under:-

Date:- 30th Sept & 1st Oct.2015.

The BGC will start after taking lunch on 30th September, 2015

Venue:-Beach Park Resorts, 10 KM away from Chennai City

Arrival of Delegates:- 30th Sept. by 10:00 AM

Departure of Delegates:-2nd Oct. Morning after taking Breakfast.

Delegate Fee:- Rs.2300/- per head for 2(Two) days.


All Regional/State Secretaries are requested to inform the following to Mr. Md. Saleem, the General Secretary, GICEU (Southern Zone) by 14th August, 2015 positively with a copy to the undersigned.

1.No. of Delegates attending the Conference from your State……………………………………

2. Food habits –South Indian/North Indian and Veg/Non Veg…………………………………….

3. Arrival Time…………..Date……………..By Train No/Other Mode……………………………

4. Departure Time………..Date……………By Train No/Other Mode……………………………

Mobile No. of Mr. Md.Saleem, the General Secretary, GICEU (Southern Zone) :- 09444926275
Email of Md. Saleem : mohammedsaleem1912@gmail.com  Or giceuchennai@gmail.com

Yours Sincerely,
Sd/- xx xx xx xx,
SUJITH BAGCHI
GENERAL SECRETARY
NFGIE

DEVELOPMENT OFFICER (Mktg.) TO ADMN. OFFICER (DEVELOPMENT) - Promotion Policy

Dear All Class-II Marketing Friends,,

In regard to the above, we have received a communication from our Class-II Secretary -NFGIE, Mr. G. Uday Kumar, Banaglore,  that  premium procured and number of lives concept  of "Rural & Social Sector  hither to was mandatory, in the promotion policy.   
Now this stands deleted from this current promotional exercise for Class- 2 Development Officers (Marketing) to Scale-I  Admn. Officer (Development).  However, an extra marks  will be given for those, who procuring this type of business. Maximum 8 (eight) marks to various amounts in A,  B, C cities.  Total marks for performance appraisal stands @ 40. The detailed circular will be followed, in this regard.

This is for information to all Class-II (Marketing) friends.
>>>>EDITOR 

Wednesday, July 29, 2015

K SANATH KUMAR OF NEW INDIA ASSURANCE APPOINTED AS DIRECTOR & GM IN GIC REINSURANCE

Mr. K. Sanath Kumar who was serving as Director & General Manager in New India Assurance (NIA), has been appointed as Director and General Manager of General Insurance Corporation of India (GIC Re). This post was lying vacant at India’s sole reinsurer GIC Re for over a month. 

K. Sanath Kumar carries 33 years of experience in Indian Non-Life Insurance Industry. Currently, he is a General Manager in-charge of IT, Business Reengineering, Liability, and Miscellaneous Insurance & Bancassurance in NIA. He is also a Director on the Board of Directors of New India Assurance, Prestige Assurance PLC, and OTC Exchange of India &United India Insurance Company Limited.

The top position at GIC Re was held by Mr. Yugandhara Rao who shifted to head a subsidiary of GIC Re in South Africa. Mr. Kumar is expected to take charge of the new position from 1st August 2015. 
 
GIC of India (GIC Re) was formed to control and operate the business of general insurance in India. It is the sole reinsurance company in the Indian insurance market with over four decades of experience. GIC’s four largest fully owned subsidiary companies are - National Insurance Company Limited, New India Assurance, Oriental Insurance and United India Insurance.


Courtesy>>>MIC

IRDA to axe commissions to distributors, aims at cutting expenses of insurers to raise returns for policyholders


The insurance regulator is looking to crack down on commissions that take a big bite out of initial premiums, mostly without the customer's knowledge. Such commissions can at times be as much as 25-30% of the first payments on policies. Under the proposed new rules, the Insurance Regulatory & Development Authority (Irda) has sought to restrict the expenses that an insurance company can charge on premiums, correcting a decadesold practice of big commissions paid to distributors that have bee .. 


These mostly go under the radar and are only discovered, for instance, at the time of early surrender of a policy, experts said. The regulator has also proposed the scrapping of upfront commissions that some insurance companies pay distributors such as banks, which could put a question mark on such tieups. 

ET has reviewed a note by the regulator announcing the new rules that are yet to be notified. The move by the regulator will help reduce mis-selling of policies. "This will bring in transparency and discourage forced selling of insurance products," said SB Mathur, former chairman of the state-owned Life Insurance Corp. of India ( LIC). IRDA  has proposed a policy for the allocation of expenses for various segments. It said that no insurer should spend more than an aggregate 10% of all first year premiums and 4% of all renewal premiums on policies granting deferred annuities for more than one premium; 5% of premiums received during the year on single-premium annuity products and 1/20th of 1% of the average of the total sums assured by policies excluding single-premium policies. 

The proposed rule changes may lead to some immediate pain but will have a beneficial effect in the long term, said an executive. "In the short term, it will put pressure on insurance companies to cut costs by innovation, digitisation, reducing customer acquisition costs and reducing turnaround time," said a compliance officer at a large life insurance company."If the overall expense of companies comes down, it will benefit both policyholders and shareholders." The insurance regulator has sought to ban advance payments to intermediaries or distributors as part of the new expense management norms. 

"No upfront payments whether direct or indirect is allowed in respect of current and future business volumes to insurance intermediaries," Irda said. "No payment to insurance intermediaries can be made in advance before the risk start date of any policy-whether retail or corporate." Such upfront commissions are generally part of corporate agency partnerships, where insurance companies get into a long-term tieup with banks. Insurers find selling products through bank branches attractive as it's a low-cost model and provides access to an existing customer base. 

According to media reports, AIA paid Citibank $800 million as part of an Asia deal to distribute products of the Hong Kong-based insurer in 11 markets including India in 2013. Prudential is said to have paid $1.2 billion in fees in installments over three years to Standard Chartered Bank for a 15-year tieup. In India,Citibank sells products of Tata AIA Life Insurance while Standard Chartered sells ICICI Prudential Life Insurance products. 

Similarly, Max Life Insurance gave Axis Bank BSE 1.11 % a 4% stake for a 10-year strategic distribution partnership. Also, MetLife is understood to have signed up Punjab National Bank with a hefty upfront commission. Insurers and banks were not immediately reachable for comment. 
Courtesy..ET

IRDA favours hike in third-party insurance assessment limit

Hundreds of insurance surveyors are staring at the spectre of losing their livelihood following a proposal by the regulator to increase the threshold for assessment of losses in claims. If accepted, insurance companies will be able to settle claims of up to Rs 50,000 for cars and Rs 1 lakh for property without engaging surveyors. 

At a meeting in Hyderabad with the chief executive officers of insurance companies, Insurance Regulatory & Development Authority of India (IRDAI) was aid to have suggested raising the level of claims that would require surveyors to assess losses. 

"The proposal is to increase the limit for surveyors to Rs 50,000 in case of motor and to Rs 1 lakh for fire and property," said a CEO who attended the meeting. The average claim in motor insurance cases is Rs 30,000 for personal vehicles and Rs 50,000 for commercial vehicles. There are about 11,000 licensed surveyors in India. In the case of motor insurance, surveyors charge Rs 75010,000 plus expenses. Fees for the survey in a fire insurance claim start at Rs 1,500. For fire claims exceeding Rs 5 crore, surveyors charge Rs 1.29 lakh plus expenses. 

"Almost half of the surveyors will go out of business if the limits are raised as is being suggested," said S Anoop Kumar, an independent surveyor based in Hyderabad. "Policyholders stand to lose out as companies will use their in-house surveyors who will work for them rather than for the insured." 

During the floods in Jammu & Kashmir and Uttarakhand, the regulator had increased the threshold for third-party assessment to Rs 50,000. 

...Courtesy ET