Dear Viewers,
For your study of the Finance Ministry's report on the above subject matter please CLIK on link provided.
with regards,
--EDITOR.
http://saiindia.gov.in/cag/sites/default/files/2010-11_10PA/chap5.pdf
Wednesday, April 27, 2011
GIC sets stringent rules for State-owned General Insurers
Dear Viewers,
-----EDITOR
"The following text is latest news item collection "
At a time when the government-owned general insurance companies are reeling under heavy underwriting losses, the General Insurance Corporation (GIC), fearing higher claims, has tightened the noose on these companies by offering lower reinsurance capacities, cutting commissions and putting in stringent underwriting conditions while renewing their contract. In some cases, the re-insurer has offered 50 per cent lower capacities than last year.
According to the Insurance Regulatory Development Authority (IRDA), GIC, being the designated reinsurer in the country, is required to reinsure 10 per cent of the total business written by the general insurance companies. There are also sectoral caps on how much risk general insurance companies can place with GIC for various lines of their business such as fire, industrial and marine risks, aviation, liability and machinery breakdown risks.
Public sector insurers place as much as 65-70 per cent of their risk with GIC, while private general insurance companies place around 60 per cent of their risk.
Global reinsurance companies such as Swiss Re, Lloyd’s, Munich Re, AIG and Asia Capital Re, are active players in India.
“Motor and health constitutes more than 64 per cent of the total general insurance business in India and both are loss making. The pricing does not reflect the risks, due to which the loss ratio is increasing in these companies. So, we have reduced our participation in the government-owned general insurance companies as our past experience hasn't been very good,” said a senior official at GIC.
This apart, GIC has put in place stringent underwriting conditions based on pricing practices and claims ratio while giving the support to these companies.
GIC is estimated to take a hit of around Rs 350 crore during 2010-11 on account of losses from the third party motor pool. The total losses in the third party motor pool is estimated to be around Rs 3,500 crore during 2010-11. As directive of the insurance regulator, GIC has to bear 10 per cent of the loss in the pool. GIC has also cut commissions paid to the insurance companies for the pass on their liability to the reinsurer.
“In addition, the profit commission, which we started last year as an incentive, has been rolled back in some cases,” the official said.
“Before offering its support, it a usual practice of GIC to evaluate the reinsurance portfolio. However, premiums in motor and health segments have gone down by 70-80 per cent than it used to be before detariffing, on account of stiff competition. There is a growing apprehension on the part of GIC that risks are being underwritten at very low rates. This has resulted in the conditional support,” said a reinsurance broker.
An official from the public sector general insurance companies admitted that GIC had been trying to put in some restrictive conditions while renewing the contracts.
“GIC is now looking at earlier claim history, pricing and risk management systems and the technology adopted before deciding on the extent of reinsurance support to be given. However, we have been able to get reasonable rates,” said an official at a state-owned general insurance company.
“In some cases, GIC has reduced the capacity they offered earlier specially on the inward reinsurance where companies reinsures a part of their huge risk with other insurance companies,” said another official from a public sector general insurance company.
-----EDITOR
Sunday, April 17, 2011
QUESTIONS ON GENERAL AWARENESS FOR INSURANCE EXAMINATION-2011
DEAR FRIENDS,
A COLLECTION OF THE FOLLOWING GENERAL AWARENESS QUESTIONS WILL HELPS THE EMPLOYEES, WHO ARE PREPARING FOR ENSUING COMPETETIVE EXAMINATION-2011.
WITH BEST WISHES,
M. HANUMANTHA RAO T. GOPALAKRISHNA
PRESIDENT GENERAL SECRETARY
Friday, April 15, 2011
UPGRADATIONOF PTS TO FTS
Dear Friends,
We furnish hereunder the text of New India HO Circular for information and necessary follow-up at every Operating Office level and to comply with the requirements, immediately.
_________________________________________________________
CORP.HRM.CL.III/IV CELL :RG:2011 Dt. April 08, 2011
All Regional Offices
Kind Attention: Regional Head
Re: Upgradation of PTS to FTS.
In view of the Office requirements and repeated demands from various quarters, the Management is actively considering and analyzing the issue. In order to assess the exact requirment of the Office, we request you to suplly us the details of all PTS working in offices under your supervision. The details should include the business underwritten by the office, the strength of the office, including all Officerss and employees and also the available Sub-Staff, PTS and FTS.
To begin with, the aim will be to provide at least two Sub-staff/FTS/PTS to a DivisionalOffice and one sub-staff PTS/FTS to a Branch Office. On the basis of the above requirement, if you have any clear vacancies and a PTS is available at the same centre, you may inform us the same immediately. In case your requirement is more than two and one in a DO - BO respectively, you may write to us detailing the necessity. Further. we are also appending here an Appraisal Report of PTS, which needs to be filled for all PTS, so as to assess the suitability for conversion ito FTS cadre. You are also requested to specifically fill the date of joining of the PTS against the column, as provided in the said Appraisal Report.
You may also write to us your observation, if any, you have tomake in this regard.
Sd/-
( ATUL SAHAI )
CHIEF MANAGER
Encl: As Stated.
-------------------------------------------------------------------------
THE NEW INDIA ASSURANCE COMPANY LIMITED, MUMBAI
ANNEXURE "A"
Name of the P.T.S.: Mr. /Mrs.____________________________________
Father / Husband Name: ________________________________________
S.R. No. ____________ Category: (GEN/SC/ST/OBC): ________________
(HH/ OH/ VH: ________________
(HH/ OH/ VH: ________________
Date of birth: _________________________
Date of joining: ________________________
Educational & Other qualifications: ____________________
Whether any Vigillance/ Disciplinary action was ever taken against the
Employee* : ________________
*If yes, give details in brief in a separate sheet to be attached herewith.
LEAVE RECORD (for the past three years)
____________________________________________________________
Year Casual Leave Earned Leave Sick Leave LOP (period from & up to )
Taken Taken Taken______________________
2008_________________________________________________________
2009_________________________________________________________
2010_________________________________________________________
CHARACTERISTICS
____________________________________________________________
Sl.No. Charateristics POOR BELOW AVERAGE ABOVE OUTSTANDING
_____________________________AVERAGE_ AVERGAE_________________________
1. Courtesy towards straff____________________________________________________________
2. Courtsey towards public____________________________________________________________
3. Sense of discipline________________________________________________________________
4. Devotion to duty__________________________________________________________________
5. Trustworthiness__________________________________________________________________
6. General Assessment_______________________________________________________________
Signature of the Officer In-charge:________________________________
Name:________________________________________________________
Designation: __________________________________________________
D.O. / B.O.: ___________________________________________________
Their service particulars mentioned above are verified and found correct as per the documents available in Personal file.
R.O. IN-CHARGE:______________________
NAME: ______________________________
Place: ________________
Date: ________________
Wednesday, April 13, 2011
DR. B.R. AMBEDKAR's 120th BIRTHDAY (14-04-2011) - SALTUATIONS TO "BHARAT RATNA"
DEAR VIEWERS,
Let us pay whole hearted Salutations to Babasaheb Bhimrao Ambedkar Saheb ko on his 120th Birth Day which fall on 14-04-2011. Friends, on this occasion let us remeber our "Bharata Ratna" the great personality and his life history in brief.
Dr B R Ambedkar, popularly known as Babasaheb Ambedkar, was one of the architects of the Indian Constitution. He was a well-known politician and an eminent jurist. Ambedkar's efforts to eradicate the social evils like untouchablity and caste restrictions were remarkable. The leader, throughout his life, fought for the rights of the dalits and other socially backward classes. Ambedkar was appointed as the nation's first Law Minister in the Cabinet of Jawaharlal Nehru. He was posthumously awarded the Bharat Ratna, India's highest civilian honor in 1990.
His Life
Bhimrao Ambedkar was born to Bhimabai Sakpal and Ramji on 14 April 1891 in Madhya Pradesh. He was the fourteenth child of his parents. Ambedkar;s father was a Subedar in the Indian Army and posted at Mhow cantonment, MP. After the retirement of his father in 1894, the family moved to satara. Shortly after, his mother passed away. Four years later, his father remarried and the family shifted to Bombay, where he cleared his matriculation in 1908. His father Bhimabai Sakpal died in Bombay, in 1912.
Ambedkar was a victim of caste discrimination. His parents hailed from the Hindu Mahar caste, which was viewed as "untouchable" by the upper class. Due to this, Ambedkar had to face severe discriminations from every corners of the society. a The discrimination and humiliation haunted Ambedkar even at the Army school, run by British government. Fearing social outcry, the teachers would segregate the students of lower class from that of Brahmins and other upper classes. The untouchable students were often asked by the teacher to sit outside the class. After shifting to Satara, he was admitted to a local school but the change of school did not change the fate of young Bhimrao. Discrimination followed wherever he went. In 1908, Ambedkar got the opportunity to study at the Elphinstone College. Besides clearing all the exams successfully Ambedkar also obtained a scholarship of twenty five rupees a month from the Gayakwad ruler of Baroda, Sahyaji Rao III. Political Science and Economics were the subjects in which he graduated from the Bombay University in 1912. Ambedkar decided to use the money for higher studies in the USA.
After coming back from the US, Ambedkar was appointed as the Defence secretary to the King of Baroda. Even, there also he had to face the humiliation for being an 'Untouchable'. With the help of the former Bombay Governor Lord Sydenham, Ambedkar obtained the job as a professor of political economy at the Sydenham College of Commerce and Economics in Bombay. In order to continue his further studies, in 1920 he went to England at his own expenses. There he was awarded honor of D.Sc by the London University. Ambedkar also spent few months at the University of Bonn, Germany, to study economics. On 8 June, 1927, he was awarded a Doctorate by the University of Columbia.
Dalit Movement
After returning to India, Bhimrao Ambedkar decided to fight against the caste discrimination that almost fragmented the nation. Ambedkar opined that there should be separate electoral system for the Untouchables and lower caste people. He also favored the concept of providing reservations for Dalits and other religious communities.
Ambedkar began to find ways to reach to the people and make them understand the drawbacks of the prevailing social evils. He launched a newspaper called "Mooknayaka" (leader of the silent). It was believed that, one day, after hearing his speech at a rally, Shahu IV, an influential ruler of Kolhapur dined with the leader. The incident also created a huge uproar in the socio-political arena of the country.
Political Career
In 1936, Ambedkar founded the Independent Labor Party. In the 1937 elections to the Central Legislative Assembly his party won 15 seats. Ambedkar oversaw the transformation of his political party into the All India Scheduled Castes Federation, although it performed poorly in the elections held in 1946 for the Constituent Assembly of India.
Ambedkar objected to the decision of Congress and Mahatma Gandhi to call the untouchable community as Harijans. He would say that even the members of untouchable community are same as the other members of the society. Ambedkar was appointed on the Defence Advisory Committee and the Viceroy's Executive Council as Minister for Labor. His reputation as a scholar led to his appointment as free India's first, Law Minister and chairman of the committee responsible to draft a constitution.
FRAMER OF CONSTITUTION :
Bhimrao Ambedkar was appointed as the chairman of the constitution drafting committee. He was also a noted scholar and eminent jurist. Ambedkar emphasized on the construction of a virtual bridge between the classes of the society. According to him, it would be difficult to maintain the unity of the country if the difference among the classes were not met.
Conversion to Buddhism
In 1950, Ambedkar traveled to Sri Lanka to attend a convention of Buddhist scholars and monks. After his return he decided to write a book on Buddhism and soon, converted himself to Buddhism. In his speeches, Ambedkar lambasted the Hindu rituals and caste division. Ambedkar founded the Bharatiya Bauddha Mahasabha In 1955. His book "The Buddha and His Dhamma" was published posthumously.
On October 14, 1956 Ambedkar organized a public ceremony to convert around five lakh of his supporters into Buddhism. Ambedkar traveled to Kathmandu to attend the Fourth World Buddhist Conference. He completed his final manuscript, "The Buddha or Karl Marx" on December 2, 1956.
Death
Since 1948, Ambedkar had been suffering from diabetes. He was bed-ridden from June to October in 1954 owing to clinical depression and failing eyesight. He had been increasingly embittered by political issues, which took a toll on his health. His health worsened as he furiously worked through 1955. Just three days after completing his final manuscript The Buddha and His Dhamma, it is said that Ambedkar died in his sleep on December 6, 1956 at his home in Delhi. A Buddhist-style cremation was organised for him at Chowpatty beach on December 7, attended by hundreds of thousands of supporters, activists and admirers.
Ambedkar was survived by his second wife Savita Ambedkar and converted to Buddhism with him. His wife's name before marriage was Sharda Kabir. Savita Ambedkar died as a Buddhist in 2002. Ambedkar's grandson, Prakash Yaswant Ambedkar leads the Bharipa Bahujan Mahasangha and has served in both houses of the Indian Parliament.
A memorial for Ambedkar was established in his Delhi house at 26 Alipur Road. His birthdate april 14th is celebrated as a public holiday known as Ambedkar Jayanti or Bhim Jayanti in India. He was posthumously awarded India's highest civilian honour, the "Bharat Ratna" in 1990. Many public institutions are named in his honour, such as the Dr. Babasaheb Ambedkar Open University in Hyderabad, Andhra Pradesh, B. R. Ambedkar Bihar University, Muzaffarpur Dr.B.R.Ambedkar National Institute of Technology,Jalandhar the other being Dr. Babasaheb Ambedkar International Airport in Nagpur.
Friends, this a brief life history of Dr. B.R.Ambedkar. It is an end less and we can speaks and say volumes 'n' volumes about this great personality. Friends/Viewers, be an Indian let us all pay our whole hearted tributes to "Bharat Ratna Sri Baba Sahebji" and implement all his guidelines / ambitions in true letter and spirit and make our nation a Bright and Great INDIA in the days to come.
JAI BHEEM! JAI HIND! JAI BHARAT!
...... EDITOR
Friday, April 8, 2011
COMPETETIVE EXAM FROM CLASS-3 TO CLASS-1 - UNDER PARA 13.2 - REVISED PATTERN
DEAR FRIENDS,
The Competetive examination pattern has been changed from the year 2011 onwards. The following are changes, the papers will be :
1) PAPER -1 : Department Subjects - Objective Type - 1 Mark each - Total : 100 marks.
2) Paper-2 : English & General Knowledge - 25 Marks for Subjective Type and 75 Marks for Objective Type questions respectively.
3) No Negetive Marks.
4) Pass Marks for General Category : 50 in any one paper & Aggregate : 120.
5) For SC/ST Pass Mark: 40 in any one paper & Aggregate: 100 Marks.
The detailed circular follows.
With Warm Greetings,
M. HANUMANTHA RAO T. GOPALAKRISHNA
PRESIDENT GENERAL SECRETARY
NOW, GENERAL INSURERS FACE HIGHER PROVISIONING ON MOTOR PORTFOLIO
DEAR VIEWERS,
IRDA demands an additional Rs.3,750/- Crores for the last FOUR years. General Insurance Companies, already reeling from price undercutting and poor Underwriting of risks, bnow face a further blow to their profits. They now have the burden of higherprovisioning for losses on their Motor portfolio - Specially on their Third Party Pool.
TP Motor Pool is a corpus of premiums transferred from all general insurance companies to meet the claims arising out of road accidents involving damage to life or limbof third parties, mainly caused by trucks. Currently this pool of premium is estimated at around Rs.3,500/- crores. But this is running ata deficit because the losses are much higher. To plug this loss, the I.R.D.A. has asked insurers to make additional provisions of about Rs.3,750/- crores on account of the Motor Pool for the last four years.
The General Insurance Industry will suffer as a result of the provisioning because the liability of three years is being absorbed in the financials of 2010-11, a single year, said Mr. Rakesh Jain, Director Corporate Centre and Chief FuinancialOfficer, ICICI Lombardo. The insurance regulator has asked insurers to make a provisioning of expected loss ratio of 153 Per Cent. This means, for every Rs.100 earned will have to payout Rs.153 as claims.
RATING DOWNGRADE:
In its recent report, rating agency Standard and Poor's has downgraded its outlook for the Indian General Insurance Industry to negative from stable due to poor underwriting of riskss following the dismantling of the tariff regime.
The financials of state owned companies seem to have turned from bad to worse for the nine months ending December 31, 2010, with the exception of United India Insurance. The others THREE Insurers, National Insurance, New India Assurance and Orietnal Insurance, have posted a loss on their investment income. For years, public players made profits only from their investment income and not fromtheir core business of Underwriting insurance.
Fourteen (14) private insurers reported Rs.782/- crores under writing losses for the nine months ending December 31, 2010. Mr. S.L. Mohan, General Secretary, Geneeral Insurance Council ( a self-regulatory body), said that the provisioning would impact the underwriting losses of general insurance companies. However, the extra provisioning will be made in the books (physical entry) of insurers and paid only when there are claims.
Dr. Amarnath Aananthanarayanan, CEO and Managing Director of the Two and Half year old Bharati Axa General Insurance, said provisioning to be made on account of motor pool would adversely impact the underrwriting losses of insurers.
"Bharati Axa General enjoys the last mover advantage and therefore, will not have to absorb the provisioning to a large extent" he said.
The standard and Poor's report said that underwriting performances are unlikely to improve significantly in the next 12 months, despite signs that prices are stabilising. The overall industry remains profitable through investment income, but that can leave it vulnerable to investment market shocks.
---- EDITOR
.... SOURCE BUSINESLINE 08-04-2011
NEW INDIA ASSURANCE CONTINUING ITS SUPREMACY IN THE MARKET
DEAR VIEWERS,
ON BEHALF OF ALL OUR STATE UNITS OF GICEU ACROSS THE NATION & ON OBEHALF OF GICEU-AP AND IT'S APPEX BODY NATIONAL FEDERATION OF GENERAL INSURANCE EMPLOYEES, WE EXPRESS OUR SINCERE THANKS TO ALL THE CLIENTELE OF NEW INDIA ASSURANCE FOR ENABLING IT TO CROSS GLOBAL PRMIUM OF Rs.8,600/- CRORES FOR THE YEAR 2010-11, OUT OF WHICH Rs.7,070/- CRORES FROM INDIAN MARKET, THUS MAINTAINING ITS POSITION AS THE UNDISPUTED MARKET LEADER FOR THE LAST 30 YEARS.
ON THIS HISTORIC EVENT AND OCCASION, WE CONGRATULATE ALL FELLOW NEW INDIANS AT EVERY LEVEL AND AGENTS WHO STRIVED EVERY NERVE TO ACHIEVE THIS GOAL .
KHUDOS TO ALL CONCERNED, ONCE AGAIN.
WITH WARM GREETINGS,
M. HANUMANTHA RAO T. GOPALA KRISHNA
PRESIDENT GENERAL SECRETARY
Tuesday, April 5, 2011
Monday, April 4, 2011
NEW YEARS DAY GREETINGS - UGADI n GUDI PADWA, NAVREH, TAHIRI .. ETC.
DEAR VIEWERS,
THE GIC EMPLOYEES' UNION-AP IS WISHING THE PEOPLE OF VARIOUS STATES WHO ARE CELEBRATING TODAY NEW YEARS DAY - TODAY VIZ.,
- The KASHMIRIS will be celebrating 'NAVREH".
- People from ANDHRA PRADESH & KARNATAKA call this new year UGADI and will begin it by offering a pachachadi (Chutney) made of Raw Managoe, Jaggery, New Tamrind, Banana and Leaf flower (neem) to God.
- MAHARASHTRIANS call it GUDI PADWA and erect a Gudi, Offer prayer to God and eat fresh neem leaf.
- In the hills, KUMAONIS celebrate culmionates nine days (Nava Vasanth) later on RAM NAVAMI
- SINDHIS prepare a speial dish this day called 'TAHIRI (Sweetened Rice) and visit Temple with that special Thal.
On this happy Occasion, we wish all the people a Happy and Prosperous New Year that brings every Happiness and cheers in every family through out the year.
WITH FESTIVE GRETINGS,
M. HANUMANTHA RAO T. GOPALA KRISHNA
PRESIDENT GENERAL SECRETARY
Subscribe to:
Posts (Atom)