Public general insurers' own TPA to be ready soon

Dear All,
The Third Party Administrator (TPA), proposed to be set up by the public insurers for health insurance, is likely to be a reality in next three months.


``The process is on and it may take three more months to be ready,’’ Mr G Srinivasan, Chairman and Managing Director, United Indian Insurance Company Ltd (UIICL) told newspersons here on Monday.  Mr Srinivasan was here (Hyderabad) to sign an agreement with State Bank of Hyderabad (SBH) to extend free personal accident insurance to the latter’s customers.

Four public sector general insurers - New India Assurance, Oriental Insurance, National Insurance and United India Insurance announced their plan to float their own TPA stating that the practices of private TPAs were resulting in losses in health insurance business.

``A common TPA for the State-run general insurance will lead to better negotiation of prices with hospitals, among others. The whole health insurance business will have a positive impact,’’ Mr Srinivasan said.

TARGET

On his company’s business growth, Mr Srinivasan said a `better’ business growth was expected due to improved conditions in the economy.

``Last year, our premium income was at Rs 6,400 crore which marked a 22 per cent growth over the year-ago period. We will do well this year and may clock Rs 8,000 crore in premium,’’ the CMD said.

BANCASSURANCE

On the recommendation of an IRDA panel that banks should be permitted to act as corporate agents for two sets of insurers in each segment, he said: ``Our personal view is that opening up of bancassurance channel is not advisable.’’ At present, banks are allowed to take up corporate agency of only one insurer in each segment of life, general and health.

``Bancassurance is a long-term relationship and there is no shortage of products. Opening up of sector may not help improving customer service as being thought,’’ he added.


...... EDITOR

DECLARATION OF MEAGRE VACANCIES -PROMOTIONAL EXERCISE WITHIN CLASS-3 - ASSISTANT CADRE - 2011

DEAR FRIENDS,

At last the Management has declared a meagre number of  5 vaancies for Hyderabad Region and 3 Vacancies for Vizag Region for the pomoional exercise of 2011 for the post of ASSISTANT.  As a responsible trade union and in the larger interest of the aspirants, the GICEU-AP has immediately reacted on this matter and demanded the Management for declaraion of  more number of vacancies.   Expressed the anguish of the aspirants about the declaraion of  meagre number of vacancies. Also explained about the necisisty and requirement of the Assistants (entry cadre) in the day to day operations at every operating office level to meet the customer requirements / demands which is oder of the day in the new environment. 

Also demanded for a fresh recruitment on All India basis in all the entry cadres including marketing, as the most of the employees (nearly 50% to 60%), irrespecive of cadre and strength /rank and file, are laying down the Office between 2012 - 2014, due to reaching superannuation. It is the high time for the Management to have a immediate meaningful discussions with the Check-off qualified Unions on various matters, who are playing a vital role in shouldering every responsibility in  keeping up the promises given to all it's clientele (big or small), on whom we are all depended upon (right from PTS to CMD).

More over, it is the high time for the Boards of the GIPSA memeber Company's are required to concentrate on recruting the people in all entry cadresincluding the marketing personnel and agency force for rebuilding  the past glory of PSUs AND meeting new challenges before of all of us in this competeitive world.  Lest, day is not far of to loose the PSUs share drastically in the market. 

Let us hope and believe that the Management would definitely change their attitude and approach towards their own employees, who are the internal customers and staunch supporters in all back office operations and making the PSUs towards reaching new heights and growth of the Insurance Industry.

With Warm Regards,

.... EDITOR

Vacancies within Class I-Tentatively

All Officer members,
Our parent body NFGIE informed that  the following vacancies may declare within couple of days within Class I:

Scale I to II          216(Seniority upto 708)
Scale II to III       140(Seniority upto 539)
Scale III to IV       55(Seniority upto 242)
Scale IV to V        18(Seniority upto 127)

Written exam date 31/7/2011

M Hanumantha Rao                               T Gopala Krishna
President                                            General secretary

Amendments in Promotion Policy for Officers

Dear Friends,
We are pleased to inform that National Insurance Company adopted the amended promotion policy within Class I its board meeting 331 vide Ref.HO:Pers:MPL.Dept.F002/2011 dated 17th June, 2001. The board of the company has approved  two amendments in the promotion policy for officers with immediate effect for implementation from 2011-12 exercises. These amendments are as under:

1.Extended Eligibility of Officers qualifying in Written Test: In response to representation received from various quarters, the Board has agreed to provide for including an Officer, who has qualified in the written test under promotional process for a particular year, in the promotional process for next two promotional exercises for the set of promotions determined under clause (b)of Para 14.2 of the promotion policy.

2.Fast track Promotions:Not withstanding anything conained in this policy, starting from the promotional exercise for the year 2011-12,for promotion of officers upto scale IV in the company, there shall be, in addition to the already existing channle (to be referred to as the Normal Channel)of promotionsunder thispolicy, another channel of promotions, to be known as "Fast TrackChannel"with the following provisions:

a)20%(fractin 0.5 and above being taken as 1)of vacancies as determined under para 6 of the policy for a financial year for promotionto scale II, Scale III and Scale IV in the company shall be earmarked for being filled up through Fast Tract Channel, the remaining vacancies being available for the Normal Channel

b)To be eligible to participate inthe Fast Track Channel, an Officer should have completed minimum three years of continuous service from the date of selectionto the existingcadre,as on 31st March of the year prescribed for the purpose of para 8.2 from time to time, besides possessing the qualification of;

Associate of Insurance Institute of India or equivalent for promotion to scale-II or Scale- III, and

Fellow of Insurance Institute of India or equivalent for promotion to scale-IV.

Provided however,for the promotional exercise for the years 2011-12 and 2012-13,to beeligible to paricipate in the Fast Tract Channel, an officer should have completed miimum four yearsof continuous serice from the date of selection to the existing cadre, as on 31 March of the year.

d)An Officer eligible to participate inthe Fast Track channel of Promotions and desirous of the same shall have to apply for it against a notice to be published by the company for this purpose.

e)An officer applying for the fast Track channel of promotions ahall be required to appear in the writtentest and secure a minimum of 60 (54 SC/ST)or more marks .

f) Scheme of Weightage:
WrittenTest Scale I to II: 40; Scale II to III: 40;  Scale III to IV: 40
Qualification                  5                        5                         Nil
Work Record                40                       40                         40
Interview                    15                       15                         20

Written Test :Forevery marksecured in the written test, a score of 0.40 in the scheme of weightage shall be alloted. For example, for a score of 60 in the written test,the officer shall be alloted 24 marks out of 40 in the above shcame of weightage.

Scale I&II officers possessing the qualification of Fellow shall be alloted 5 marks

The work record shall be assessed through the annual CRs as per the annual performance

Only two attempts shall be allowed for promotion to a particular cadre under the Fast Tract Channel, which shall be counted within the over all 3 attempts

For more information, please wait for official cirucular of New India, which is being approved by the New India Board meeting.

 M. HANUMANTHA RAO                T GOPALA KRISHNA                           President                                     General Secretary

PROMOTIONS WITH IN CLASS-1 CADRE - 2011 - SOME FLASH INFORMATION

DEAR FRIENDS,

WE HAVE RECEIVED THE FOLLOWING INFORMATION THROUGH RELIABLE SOURCE FROM GIPSA.

1.VACANCIES APPROVED BY BOARD - ONE MORE BATCH LIKELY TO BE CONSIDERED IN EACH SCALE.

2.WRITTEN EXAM MARKS WILL BE CARRIED FORWARD FOR NEXT TWO YEARS.

3. FAST TRACK PROMOTION IN CURRENT EXERCISE.

4. GIPSA EXAM TENTATIVELY IN THE LAST WEEK OF  JULY, 2011.

More details in regard to revised guidelines for promotional exercise viz., eligibility crieteria etc.,  will be published within a weeks time. 

WITH REGARDS,

 

M. HANUMANTHA RAO     T. GOPALA KRISHNA

                   PRESIDENT               GENERAL SECRETARY              

MERGERS IN GENERAL INSUANCE

DEAR VIEWERS,

Geneal Insurance companies intending to go for amalgamations are likely to be subjeted to an independent valuaion by the regulator.

In a Gazette notification of Scheme for Amalgamaion and Transfer of General Insurance Business Regulations - 2011, Mr. J.Hari Narayan, Chairman, IRDA said an independent actuarial valuation of value of transacting parties would be done.

The encompassing assets, liabilities and solvency position of the Companies involved could be done by the IRDA "at any time prior to granting final approval to the proposed scheme", he said.

Giving primacy to the protection of policyholders' interest, the IRDA said that after the grant of in-principle approval of the amalgamation scheme, the copies of the proposed scheme should be kept open for inspection by the policyholders' at the registered / corporate office besides uploading them on their respective web sites.

"Such inspetion and access to the documents should be kept open unill the complete implementation of the sheme," the notification said.

NOTICE OF INTENTION:

Every application for merger should be preceded by a notice of the intention to make an application at least one month before the actual date o appliaion.

This should be accompanied by a draft of the agreement for amalgamation and transfer of business, balance shees of each of the Insurer involved, finanial condition report, repot on the scheme by an independent actuary and a note on how policyholders' interest would be protected, among others.

At present, there are 24 players in the General Insurance segment.  Of this, Reliance General Insurance  and Royal Sundaram had already applied to the IRDA for MERGER.

"However, they will now havae o apply to us again in line with the notified scheme," Mr Hari Narayan told Business Line.

COUTESY: Business Line-10-06-2011

----- EDITOR 

PROMOTION RESULTS DECLARED FROM CLASS-3 TO CLASS-1:: FOR SOUTH ZONE

DEAR FRIENDS,

AT LAST, TODAY LATE EVENING THE NEW INDIA ASSUANCE HO MANAGEMENT HAS DECLARAED THE FINAL RESULTS OF SUCCESSFUL CANDIDATES FROM CLASS-3 TO CLASS-1 CADRE FOR SOUTH ZONE. THE FOLLOWING CANDIDATES HAVE BEEN ELEVATED TO CLASS-1 OFFICER CADRE UNDER HYDERABAD AND VISAKHAPATNAM REGIONS.

HYDEABAD REGION:

PARA: 13.1
1. M. Srinivasulu -  SC on own  Merit
2. Sailaja R Murthy
3. J. Raghuram
4. J. Krupakar - SC
PARA 13.2 :
1. U. Anantha Krishna-
2.K. Jayapal - SC on own merit
3. P. Dharma Raj
4. V. Srinivasulu
5.P. Vijayalakshmi -SC on own merit
6. P. Manjula
7. P. Powlayya - SC on own merrit
8. P. Ranga Babu
9. A. Swamy Naik - ST

VISAKHAPATNAM  REGION:

PARA: 13.1
1. K. Srinivasa Rao
2. U. Raghu - SC
PARA: 13.2
1.SNS Pavan Kumar
2. Rajeswara Murthy
3. M. Srinivas
4. V.N.V.Satyanarayana
5. PSRVSV Sasty
6. Malyadri -SC on own merit
7. G. Appala Raju - SC on own merit
8. V. Rama Rao

Detailed circular follows. The  GIC Employees' Union is expressing its hearty congratulating to all the promotee colleague members. Postings will be done only upon sending the recommendations to The Promoting Authority at Head Office by respective Regional In-charges.

With Warm Greetings,

M. HANUMANTHA RAO                T. GOPALA KRISHNA

                      PRESIDENT                          GENERAL SECRETARY