""FLASH NEWS""

"" Listing of state general insurers may be staggered.""...""" New India Assurance launches “New India Premier Mediclaim Policy” with exclusive features and Sum Insured upto Rs. 1 crore""".... “The tentative decrease in D.A. Slabs is 9 for the months from February,2017 to April,2017 - The net number of slabs for Feb.,2017 stands at 469"".."" ALL MEMBERS OF NFGIE/GICEU: PL ENSURE PAYING LEVY ON WAGE REVISION IMMEDIATELY ON RECEIPT OF ARREARS TO THE RESPECTIVE STATE /REGIONAL UNITS TO STRENGTHEN FINANCIAL POSITION OF NFGIE AS WELL AS STATE UNITS OF GICEU""....."" WAGE ARREARS WILL BE PAID ON 05th FEB.,2016""...."" WAGE REVISION FILE WAS CLEARED BY FINANCE MINISTRY ON THURSDAY 14TH JAN.,2016 ONLY. EXPECTING NOTIFICATION AT ANY TIME. HOWEVER, ON TUESDAY 19TH JAN.2016 GIPSA GOVERNING BODY MEETING HELD AT 'GOA'. PAYMENT DATE MAY BE DECIDED BY GIPSA AUTHORITY.""..."" NEXT ROUND OF DISCUSSIONS WITH GIPSA ON 04TH, 5TH & 6TH nOV., 2015 AT HOTEL GOLCONDA,HYDERABAD- NFGIE SLOT FOR DISCUSSIONS ON WAGE REVISION WITH GIPSA AT 2 PM ON 04.11.2015""...""Received a call from Mr A K Singhal, Advisor, GIPSA to our National Federation General Secretary, Mr P S Bajpai regarding the next round of Wage Talks on 29th October 2015 (Thursday) at Mumbai. Detailed Circular follows.""..."" We have been informed by Mr. Vasant Khande,Mumbai that Mr. Ashish Shelar,MLA and BJP President of Mumbai is going to attend our NFGIE conference on 1st October,2015 in Chennai""...""Wage revision and Pension Option – Programme of Agitation::: 1. Lunch Hour demonstrations in all centres on 15th and 23rd September.2. Signature campaign (memorandum addressed to Finance Minister) to complete by 23rdSeptember.;3. No late sitting in offices and no work on Saturdays, Sundays and Holidays w.e.f. 23rd September, 2015;4. Joint Employees meetings in all offices to campaign;5. Perspective of strike actions in October ""......"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




""NEW INDIA ASSURANCE BEATS COMPETITION, GETS $9.5 BILLION AIR INDIA DEAL. One of India’s biggest public sector general insurer, New India Assurance (NIA) led consortium of public sector insurance companies has been awarded the contract to insure Air India’s huge fleet of 126 aircrafts worth 9.5 billion dollars. The consortium outbid the tender submitted by private general insurance companies, for this contract floated by Air India. NIA will insure Air India for 9.5 billion insurance cover for a premium of $22.5 million, which would be a one of the biggest aircraft insurance deals in the whole of Southeast Asia. PSU insurers continue to insure Air India for 4th year in a row"".....""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""...""


TOTAL WEB VIEWERS

Wednesday, November 9, 2011

Third party motor insurance pool may get scrapped

DearViewers,
Insurance companies have been knocking on the doors of the regulator for scrapping the third party motor pool, which was set-up by all general insurers in India to collectively service commercial vehicle third party insurance business. J Hari Narayan, IRDA Chairman said that the industry has been demanding it for some time.

Motor Insurance
















.

Private insurance companies have been opposing the pool and allege that they are being forced to contribute disproportionately to the corpus.

Motor pool has been operational since 1st April 2007, and includes each and every insurer who is registered for carrying on general insurance business (including motor insurance business) under the Insurance Act, 1938. Standalone health insurance companies like Apollo Munich Health, Star Health and Max Bupa are exempted from it. General Insurance Council (GIC) acts as the administrator of the pool.

Public sector insurers like New India Assurance, United India Insurance, National Insurance and Oriental Insurance insure nearly 60 per cent or more of the markets.

Ritesh Kumar, Managing Director and CEO of HDFC Ergo General Insurance Company said that there are issues relating to third party motor pool, which is a concern for all general life insurance companies.

“Fundamentally, we want the pool to be dismantled. It is not benefiting anyone and pricing has to be corrected,” he added.

Earlier this year, IRDA allowed insurance companies to increase the
premiums on motor insurance. The hike was in the range of 10 to 65 per cent for all class of vehicles including private cars, two-wheelers, three-wheelers, commercial vehicles, goods carrying vehicles etc.

According to ASSOCHAM, motor insurance will continue to remain the largest category, contributing over 40 per cent of industry premiums.

Since this is an important issue, top executives, including HDFC chairman Deepak Parekh, ICICI Bank MD Chanda Kochhar, AIG country head & CEO Sunil Mehta and G Srinivasan CMD of New India Assurance as well as United India Insurance met the regulator last week to lobby for scrapping the third party motor pool.

No comments: