""FLASH NEWS""

""PROMOTIONAL RESULTS OF OFFICERS FOR ALL SCALES WILL BE ANNOUNCED TODAY EVENING TENTATIVELY, IF ANY TECHNICAL PROBLEM ARISES ELSE DECLARED TOMORROW I.E. 31.7.2015""....."" K SANATH KUMAR OF NEW INDIA ASSURANCE APPOINTED AS DIRECTOR & GM IN GIC REINSURANCE""..."" GIPSA has informed the Companies that irrespective of date of upgradation of PTS as FTS, they should be covered under 1995 Pension Scheme""...""GIPSA Clarified to the 4 PSUs on the eligibility of graduation increments. Employees who have passed graduation before 01-08-2007 are eligible for TWO Increments""..."" Joint Forum of Trade Unions / Associations of PSGI Companies- DEMANDS DAY 29TH JULY, 2015 - MAKE IT A GRAND SUCCESS BY 100% PARTICIPATING OF ALL CLASSESS OF EMPLOYEES""...""" GIPSA HAS FINALISED THE SCHEDULE FOR CURRENT YEAR PROMOTIONAL EXERCISE..... COMPANIES ARE ON THE JOB OF ASSESING THE VACANCIES...PARA 13.2 XAMINATION WILL BE ON 23rd AUGUST AND PARA-15 ASSISTANT EXAM ON 06th SEPTEMBER TENTATIVELY"""... "" CLASS-3 TO SCALE-1 PROMOTIONAL VACACANCIES DECLARED FOR NEW INDIA :: UNDER PARA 13.1::60; AND PARA 13.2 ::59 RESPECTIVELY UNDER SOUTH ZONE. DATE OF EXAM. ON 23-08-2015"".....""IRDAI plans massive changes in health insurance""....""General insurance premium collections up by 12.3% until May,2015""..""Maggi controversy: ICICI Lombard may have to pay Nestle Rs 150 crore"""...""General Insurance Corporation Re eyes licence, drops bid to buy Lloyd's of London Member"".... "" DEPENDENTS' INCOME CRITERIA: INCOME LIMIT TO DEFINE A DEPENDENT WOULD BE Rs. 10,000/- PER MONTH (as against the existing Rs.3,500/- p.m.)...AGREED AS PER INDIAN BANKS ASSOCIATION IN THE RECENT WAGE REVISION""...""THE INSURER SHALL BE RESPONSIBLE FOR ALL ACTS AND OMISSIONS OF ITS AGENTS INCLUDING VIOLATION OF CODE OF CONDUCT SPECIFIED UNDER THESE GUIDELINES," IRDA said.""......"" LIC TO INVEST Rs 1.5 LAKH CRORE IN RAILWAYS OVER 5 YEARS FROM NOW""......"" Insurance Regulatory and Development Authority of India (IRDA)said insurance companies can appoint individual agents on their own without license from the regulator from April 1, 2015""......"" FURTHER TALKS ON BANK MEN WAGE REVISION (NON-CORE) LIKELY WILL BE HELD ON 16TH & 17TH INST.AND TO FINALIZE TOTAL PACKAGE"".. "" FINALLY INSURANCE LAWS (AMENDMENTS) BILL, 2015 WAS PASSED IN RAJYA SABHA ON 12th MARCH, 2015""..."" N.F.G.I.E. AND ALL ITS' AFFILIATED UNITS STRONGLY CONDEMNED THE UNILATERAL AND AUTOCRATIC WAY THE N.D.A. GOVT. ADOPTED IN ENCOURAGING THE MULTINATIONALS INTEREST IN INSURANCE SECTOR IN INDIA"".....""NFGIE and All it's affiliated GICEU' Units of respective States are NOT PARTICIPATING IN the strike on 9th. March 2015 called by AIIEA and BVKS since the strike call is not from Joint Forum""....""ON THE EVE OF WOMEN'S DAY I.E. ON 08TH MARCH,2015 - NEW INDIA ASSURANCE MANAGEMENT HAS SANCTIONED Rs.250/- ONLY AS GIFT TO ALL LADY EMPLOYEES""..."" LOK SABHA TODAY (04.3.2015)PASSES INSURANCE BILL-2015 ""...""WAGE REVISION DISCUSSIONS OUT COME ON 03.03.2015:-"" GIPSA STRAIGHT AWAY OFFERED 15% TOWARDS WAGE REVISION with MANAGEMENT AGENDA"" ..""NEW INDIA MANAGEMENT AGREED TO INCLUDE DEPENDANT CHILDREN IN GROUP MEDICLAIM""...""3rd ROUND OF WAGE NEGOTIATIONS WITH 'GIPSA' AT HYDERABAD ON 03.03.2015 ""…...""L.I.C. MANAGEMENT OFFERED WAGE REVISION @12.5% TO IT'S EMPLOYEES WITH SOME PRE-CONDITIONS""<............. """"Changing nominee in life insurance policies to cost Rs 100 now""...""Despite risk awareness, most Indians prefer not to spend on home insurance""...""LIC Nomura MF CEO Nilesh Sathe appointed member, life at IRDAI""..""Insurance Australia Group (IAG) currently owns 26 per cent of SBI General Insurance. After the deal, SBI's stake in the venture will fall to 51 per cent"...."" UPON PASSING INSURANCE LAWS(AMENDMENTS) BILL,2015 IN RAJYA SABHA ON 12TH INST.; FOREIGN PLAYERS (BHARTI, RELIANCE, MAX INDIA AND SBI GROUPS) GEARING UP TO HIKE THEIR STAKE IN THEIR RESPECTIVE INSURANCE JOINT VENTURES WITH THEIR OVERSEAS PARTNERS""......"" N.F.G.I.E AND GICEU-AP WISHES ALL WOMEN OF THIS UNIVERSE - "HAPPY WOMEN'S DAY"(O8TH MARCH, 2015) IN ADVANCE""...""Payment of Ex-Gratia for 2014-15 f.y. to eligible employees in PSGI Comapnies - Cleared by GIPSA"...""NFGIE"" invited for Structured Meeting by New India Management on 14th Feb.,2015, to discuss various Important Policy matters""..."" Insurance companies offer cover for second medical opinion""..""RBI ALLOWS FPIs/FIIs and NRIs TO INVEST UP TO 26% UNDER THE AUTOMATIC ROUTE SHALL BE PERMITTED IN THE INSURANCE AND ALLIED ACTIVITIES...W.E.F. 4TH FEB.,2014 ""...."" The AICPI for Jan., 2014 :237 and for Feb.,2014 at :238 points, For March expected 239 points.."".."" The country's largest non-life company — New India Assurance — will soon seek the regulator's approval to sell a combined policy that covers personal accident, household and health insurance.""...."Retirement fund body Employees Provident Fund Organisation (EPFO) on Monday(14TH JAN.,2014) announced a rise in interest rate on provident fund (PF) deposits to 8.75 per cent for 2013-14, to benefit 50 million subscribers""..... "" SERVICE IS THE GATE WAY TO GROWTH "".."23rd JULY IS NEW INDIA'S FOUNDATION DAY(23rd JULY,1919)""..""WHETHER CLIENT IS BIG OR SMALL SERVE TO ALL""....

TOTAL WEB VIEWERS

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

Friday, July 17, 2015

Merger of Four PSGI Companies into a single Corporation.

From: V K Tandon <vktandon@orientalinsurance.co.in>
Date: Thu, Jul 16, 2015 at 4:58 PM
Subject: HOLDING OF STATTE LEVEL CONVENTION UNDER THE BANNER OF JTFU AT MUMBAI ON 17TH JULY-2015
To: Sujit Bagchi <sujitbagchi56@gmail.com>, pradeepdharamthok@yahoo.com, Salil Balan <salil.balan@newindia.co.in>

Dear Sh. Dharamthok Ji,
 Please refer to mail of Sh. Sujit Bagchi, Gen.Secretary, NFGIE on above mentioned subject.
I am also of the firm opinion that issue of Merger of Four PSGI Companies into a single Corporation, was never discussed in the meeting of Ist July-2015. Only three issues 1. Resumption of Wage Revision Negotiations 2. One more Pension Option and 3. Revision of Promotion Policy were finalised to be taken by Joint Forum of Trade Unions/Associations in Public Sector General Insurance and Joint Action Agitational Programme was finalised only on these 3 issues.
Organising a State Level Convention under the banner of JTFU in PSGI for the issue which is controversial in nature and NFGIE is always against this, is totally unjustified.
Regards,
V.K.TANDON
ORG.SECRETARY
NFGIE

Dear  Mr. Dharamthok,

I am extremely  surprised to know  that under the banner of Joint Forum of Trade Unions/ Associations in Public Sector General Insurance,   a state level convention is being organised in Mumbai on  17th July, 2015 exclusively on the issue of Merger of Four PSGI Companies into a single Corporation.  I  like to point out that JFTU in its present  form  planned on Ist July 2015 at Delhi with 3 specific demands, namely Resumption of wage Negotiation at GIPSA level , One more option for pension and Revision of Promotion policy. The demand for single Corporation was specifically out of agenda.  I hereby express my strong resentment utilizing the name of JFTU departing from the agreed conclusion of 1st July, 2015 meeting at New Delhi.

Needless to add , that you are at liberty to held any convention on the subject but by not using the name of JFTU in  its present form. 

SUJIT BAGCHI