""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""...""


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Friday, September 9, 2011

SBI Life Insurance fined Rs 70 lakh for violation of IRDA rules

Dear Viewers,
SBI Life Insurance Company, the country’s largest private insurer has been slapped with a penalty of Rs 70 lakh by the Insurance Regulatory and Development Authority (IRDA) for gross violations of Guidelines on Group Insurance Policies.


According to the insurance regulator, SBI Life made unauthorized payments up to Rs 204 crore to six master policyholders and eight corporate agents. The six master policyholders are The Federal Bank - Rs 3.34 crore, United Bank of India - Rs 3.04 crore, Union Bank of India - Rs 6.13 crore, Sundaram Home Finance - Rs 1.56 crore, Dewan Housing Finance Corporation - Rs 4.26 crore and Kerala Transport Development Finance Corporation- Rs 316,029.
Out of the total sum of Rs 204 crore, Rs 186 crore was paid to 8 different State Banks - State Bank of India - Rs 127 crore, State Bank of Bikaner and Jaipur - Rs 8.44 crore, State Bank of Hyderabad - Rs 13.25 crore, State Bank of Indore - Rs 3.69 crore, State Bank of Saurashtra - Rs 3.31 crore, State Bank of Tranvancore - Rs 16.12 crore, State Bank of Mysore - Rs 8.28 crore and State Bank of Patiala - Rs 5.56 crore.
As per IRDA guidelines, insurance companies are barred from making payments in excess of the approved commission to any corporate agents. The payments made by SBI Life Insurance are in contravention of these rules.
In its defence, SBI Life Insurance said that these rules were issued in July 2005 and they took some time to redesign their policies. This revised policy was approved by IRDA in November 2007. IRDA has given SBI Life the benefit of doubt for the payments that were made by the insurer prior to November 2007, but the insurer has made several payments even after this date. The IRDA has thus ordered SBI life to pay a fine of Rs 5 lakh for each of the 14 offences, totaling to Rs 70 lakh.
....... EDITOR
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