How far is FDI hike in insurance sector now

DEAR FRIENDS,

The Government has just announced that it will allow 51% foreign direct investment (FDI) in multi-brand retail and aviation. On the occasion of this announcement, Prime Minister Manmohan Singh said, “The Cabinet has taken many decisions today to bolster economic growth and make India a more attractive destination for foreign investment. I believe that these steps will help strengthen our growth process and generate employment in these difficult times.”

However, there was no news on increasing the FDI limit in the insurance sector. Many experts in the industry believe that currently the insurance amendment bill is not a high priority for the government and therefore it has not been taken up. Insurance companies in both life and non-life industry have been closely watching every step of the government related to raising the FDI ceiling in key sectors. Many companies have even delayed their Initial Public Offering (IPO) in hopes to get a better valuation once the FDI cap is raised. 

Even though the top bosses in insurance companies understand that it is very difficult to get the opposition’s nod on increasing the FDI cap in the insurance sector, their hopes are still pinned on the government. With government’s decision to allow FDI in multi-brand retail and aviation, the day seems not too far when a similar reform will be taken for the insurance sector. 

Finance minister P Chidambaram had cleared the proposal to raise the ceiling for FDI to 49 per cent from the existing 26% in the insurance and pension sector in the last week of August 2012. The proposal is with the cabinet currently to be cleared and discussed in the winter session of the parliament. 

Friends and All the employees' in the Insurance sector now time has come once again to please gear up your selves for stop raising ceiling for FDI in insurance sector by F.M.. Protect the Insurance Sector by re-dedicating yourself for the Growth of both Life and Non-Life.    Unity is Strength. 


.....Editor

Finance Ministry backing up the Insurance Industry to boost growth

Dear Friends,
Insurance industry in India is on a warpath to boost growth and cut losses. They are knocking on the doors of the Finance Ministry to bring in reforms which will fuel growth in the slacked insurance sector. And the FM seems to be backing them up too.

Over the last few days, the top bosses of leading insurance companies have caught up with Finance Minister P Chidambaram and discussed serious issues harming their growth and profitability. They have also expressed their concern over the regulations which involve participation of the three regulators IRDA (Insurance Regulation Development Authority), RBI (Reserve Bank of India) and SEBI (Securities Exchange Board of India).

Several guidelines around pension products, Bancassurance, revised process of policy application, etc which directly impact the growth of sector require a fair consent from the insurance companies before taking effect. One of the CEO’s from a leading life insurance company commented, “Our long-term strategy and planning gets impacted due to frequent change in policy framework. Moreover, the time for transition to new processes is not enough and we end up disrupting the internal communication”

Few of the regulatory changes in the past have been executed in a hurried manner which has disturbed business in many insurance companies. Life insurance companies had to discontinue sales of a particular product without having a second option ready to offer in place to the customers. Also the time taken to seek an approval from the IRDA on new policies varies from 45 days to 140 days which creates a paucity of plans at the company’s end.

The meeting with the Finance Minister is in continuation to the discussion with the Prime Minister few months ago where it was discussed that the issues will be jointly discussed and dealt with. 
........EDITOR

NEW GENERAL MANAGERS ON PROMOTION IN PSUs - 2012 EXERCISE

Dear Friends,
We are pleased to inform you that the following Executive have been elevated to the cadre of General Manager in the just completed promotional process in the General Insurance Industry (PSUs) for the year 2012:

NEW INDIA ASSURANCE :
1.Mr. Senthil Kumar
2. Mr. A.K. Singal
3. Mr. Sampat Segar
4. Mr. Rafi Ahmad

NATIONAL INSURANCE:
1.Mr. Geylong
2.Mr. P.Venkatramaiah
3. Mr.Warendra Sinha

UNITED INDIA INSURANCE:
1. Mr. A. Hoda
2. V.Eswara Kaimal
3. Mr. Chari

ORIENTAL INSURANCE:
1. Mr. G. Anandan

GENERAL INSURANCE CORPORATION: 
1. Mr. B. N. Prasad
2. Mr. A. K. Mittal
3. Mrs. Alice G Vaidyan

On behalf of NATIONAL FEDERATION  OF GENERAL INSURANCE EMPLOYEES' and GIC EMPLOYEES UNION-ANDHRA PRADESH  and  on behalf of  ALL STATE UNITS of GIC Emp. Unions in India, express our hearty congratulations to all the above executives. 


......EDITOR

ON LINE PROMOTIONAL EXAM (09.09.2012) RESULTS

DEAR OFFICERS,

THE GICEU-AP AND NFGIE JOINTLY CONGRATULATING VERY HEARTILY, ALL THE OFFICERS ACROSS THE NATION, WHO HAVE QUALIFIED FOR THE FINAL LIST.

WISHING YOU ALL THE BEST

WITH WARM GREETINGS

G.I.C.E.U.ANDHRA PRADESH & N.F.G.I.E.

NFGIE-BIENNIAL GENERAL COUNCIL MEETING ON 6.10.2012 AT HYDERABAD

KIND ATTENTION OF REGIONAL SECRETARIES OF ALL STATE UNITS

Dear Friends,

Venue for NFGIE BGC meeting on 06th October, 2012  has been finalised, at the following address:-

"HOTEL SAIKRUPA"

VIVEKNAGAR, CHIKKADPALLY,

HYDERABAD.

The venue is just 4 Kms away from Secunderabad or Hyderabad Railway Station.We also request all the Regional Secretaries to keep inform immediately by fax to Mr. T. Gopala Krishna, General Secretary about number of delegates attending the meeting and their names with mobile numbers, both arrival & departure time and dates, to enable us to confirm the accommodation. Thereby, we can avoid last minute rush and inconvenience to the delegates. Also send the delegation fee as informed by Mr. Gopala Krishna for making necessary arrangements.Please treat this as most urgent.

With Warm Greetings,

Yours-in service on behalf of entire GICEU-AP Team,

M. Hanumantha Rao

President  

NFGIE-BIENNIAL GENERAL COUNCIL MEETING ON 6.10.2012 AT HYDERABAD

DEAR ALL REGIONAL SECRETARIES

AS PER THE  INSTRUCTIONS OF GENERAL SECRETARY AND WORKING PRESIDENT OF NFGIE (MUMBAI), THE GICEU-AP WOULD LIKE TO HOST ONCE AGAIN THE BIENNIAL GENERAL COUNCIL MEETING OF NFGIE AT HYDERABAD ON 06TH OCTOBER, 2012. WE WILL KEEP INFORM THE VENUE IN DUE COURSE THROUGH THIS BLOG AS WELL AS THROUGH SMS. 

In the meantime please send list of delegates participating with their mobile nos, & place from where they are representing for the above BGC Meeting. Also request to arrange to send delegation  fee in advance as fixed by our NFGIE on or before 15th Sept., 2012 to make necessary arrangement s for stay & food to the delegates. The delegation fee should sent to Mr. T. Gopala krishna, Genl. Secy. by way of DD favouring "The GIC Employees' Union-A.P' payable at Hyderabad.

Friends, let us make the above BGC meeting a meaningful and a grand success.

Please watch this blog for more details. 

WITH WARM REGARDS,

M.HANUMANTHA RAO            P.S. BAJPAI             T. GOPALA KRISHNA
        PRESIDENT            WORKING PRESIDENT     GENERAL SECRETARY

DT.06th Sept.,2012

SCALE 1 TO 5 OFFICERS - ON LINE PROMOTIONAL EXAM FOR 2012

Dear All Aspirants,

We ae pleased to inform you that the respective boards of the FOUR PSUs have confirmed that Scale-1 to 5 on line promotional examination will be conducted through out India at 16 different centers as scheduled on 09th September, 2012. Please prepare well and get through successfully.

-----
Examination Centre in respect of ANDHRA PRADESH  is as follows:

Tata Consultancy Services,

ILP Hyderabad, Q City,"B" Block,

7th Floor, Sy No.109, 110 & 111/2,

NANKRAMGUDA Village,, Finance District,

SERILINGAMPALLY Mandal,

HYDERABAD.

NOTE: TOTAL 155 CANDIDATES (SCALE-1,2,3,4 COMBINED) FROM NEW INDIA, ARE APPEARING AT HYDERABAD CENTER.  

CANDIDATES - NAME ,SR NO & HALL TIKE NOS OF ANDHRA PRADESH

Sr No Test Centre Candidate Name S.R.No. Roll No. 953 HYDERABAD SHIVAKUMAR M. 16153 1931110436 954 HYDERABAD VENKATACHALAM DATTAM 12654 1931110441 955 HYDERABAD RAO K. VIJAYA 27979 1931110443 956 HYDERABAD DEV K. SHANKAR 27980 1931110444 957 HYDERABAD RAO G. MOHAN 25120 1931110445 958 HYDERABAD VINOD KINNERA ROSE 10232 1931110450 959 HYDERABAD VENKATESWARLU GORLA 22055 1931110451 960 HYDERABAD VENKATESH PAMBA 22072 1931110453 961 HYDERABAD KUSUMALATHA B. (MRS) 31236 1931110454 962 HYDERABAD DAYANIDHI M. L. 21467 1931110455 963 HYDERABAD SWAMY VENKAT 16201 1931110456 964 HYDERABAD RAO GUMMADI RAJA 26446 1931110457 965 HYDERABAD RAJKUMAR DOSAPATI RENUKA (MRS) 27383 1931110458 966 HYDERABAD SAHANI KANCHARLA BALA RAJ 25993 1931110459 967 HYDERABAD KRISTAPPA B. 25395 1931110464 968 HYDERABAD DEVI J. NIRMALA 12703 1931110465 969 HYDERABAD RAO M. MADHUSUDANA 29535 1931110473 970 HYDERABAD DOSS CHILAKA PRABHU 23604 1931110474 971 HYDERABAD VEDASREE PANASA (MRS) 26743 1931110477 972 HYDERABAD VIJAYAKUMAR PALEM DAVID 13649 1931110478 973 HYDERABAD RANI K. DORKA (MRS) 11879 1931110480 974 HYDERABAD MUNEPPA DAMODARAM 16217 1931110484 975 HYDERABAD ARUNA G. (MRS) 31416 1931120501 976 HYDERABAD JOSEPH KONGALA 30272 1931120503 977 HYDERABAD JAYARAM MITTA 16202 1931130447 978 HYDERABAD BHEEMANAIK NENAVETH 23727 1931310434 979 HYDERABAD LAKSHMI S. NAGA (MS) 17388 1931310440 980 HYDERABAD RATHOD NANDYA NAIK 28617 1931310452 981 HYDERABAD BABU B. N. N. RAMESH 29537 1931310470 982 HYDERABAD RAMESH G. 23665 1931320504 983 HYDERABAD NAIK BANOTH LAKSHMA 23463 1931330433 984 HYDERABAD GANGARAM MUDE 23466 1931330460 985 HYDERABAD RAO T. ANKAMMA 23669 1931330496 986 HYDERABAD RAO K. V. UMAMAHESWARA 15162 1931710435 987 HYDERABAD VENUGOPAL CH. V. 16148 1931710437 988 HYDERABAD MURTY K. S. N. 10337 1931710438 989 HYDERABAD MURTY YALLA SATYANARAYANA 14036 1931710439 990 HYDERABAD REDDY M. PRABHAKAR 14586 1931710442 991 HYDERABAD RAO N. GANGADHARA 14150 1931710446 992 HYDERABAD KUMAR S. NAGENDRA 16171 1931710448 993 HYDERABAD RAO E. SUBBA RAMA 7685 1931710449 994 HYDERABAD RAO M. HANUMANTHA 12679 1931710461 995 HYDERABAD RAO K. MADHUSUDHAN 17040 1931710463 996 HYDERABAD RAO M. JAGANNADHA 16804 1931710467 997 HYDERABAD RAO G. PRABHAKAR 21330 1931710469 998 HYDERABAD RANGA RAO MEDAVARAPU 13625 1931710471 999 HYDERABAD NARSIMHAM NULI LAXMI 16850 1931710472 1000 HYDERABAD BABU POLIMETLA SURESH 16209 1931710475 1001 HYDERABAD VIJAYA RHODA (MRS) 22531 1931710476 1002 HYDERABAD VEENA B. (MS) 24550 1931710479 1003 HYDERABAD VEDAVYAS KADEKAR 16205 1931710481 1004 HYDERABAD KUMAR K. ANAND 22091 1931710482 1005 HYDERABAD PRASAD DUPAKUNTLA NAGENDRA 16194 1931710483 1006 HYDERABAD RAMAKRISHNA GARIGIPATI 17390 1931710486 1007 HYDERABAD RAJINI MADHAVARAM (MS) 21480 1931710489 1008 HYDERABAD RUBY TERAPALLI (MRS) 20586 1931710492 1009 HYDERABAD PRASAD SUVANAM SATYA SUNDARA 16167 1931710495 1010 HYDERABAD RAMESH GANDE 17041 1931710498 1011 HYDERABAD RAJA RAO VARIGONDA VENKATA 12681 1931710499 1012 HYDERABAD SRINIVAS MAMUNDI SURYANARAYANAN 20526 1931720500 1013 HYDERABAD RAO GUNDA NARASIMHA 30211 1931720502 1014 HYDERABAD RAO CHITTURI SRINIVASA 16195 1931730462 1015 HYDERABAD RAO G. SRINIVASA 28389 1931730466 1016 HYDERABAD KUMAR A. RAMESH 14644 1931730468 1017 HYDERABAD BASHEERUDDIN MOHD. 29261 1931730485 1018 HYDERABAD SURESH PACHIGOOLLA 17382 1931730487 1019 HYDERABAD NATH VIJJAPU BHIMESHWARA 21497 1931730488 1020 HYDERABAD SRINIVAS POKKULURI SANKARA 23149 1931730490 1021 HYDERABAD SUNDARI PUTREVU SYAMA (MS) 30103 1931730491 1022 HYDERABAD RAJU JAMPANA VENKATA SEETARAMA 20598 1931730493 1023 HYDERABAD GAYATHRI AVVARI (MRS) 30026 1931730494 1024 HYDERABAD KUMAR PILLARISETTI SESHA SAI 28834 1931730497 1025 HYDERABAD VARAPRASAD GOLLAPALLI KAMARAJA 29578 1932110333 1026 HYDERABAD KUMARI KANCHERLA SOWJANYA (MRS) 7635 1932110335 1027 HYDERABAD RAO YASHWANTHA DURGAM 21328 1932110342 1028 HYDERABAD DEVISHAKUNTALA SEELAM (MS) 16210 1932110346 1029 HYDERABAD VENKATESWARLU MARPUDI 12653 1932110351 1030 HYDERABAD ADISON PANTHAGANI 13378 1932110357 1031 HYDERABAD INJETI SUVARNA RAJU 13530 1932120364 1032 HYDERABAD SINGAIAH KOMMU 21334 1932120365 1033 HYDERABAD RAJA VADLAMUDI 20454 1932120368 1034 HYDERABAD VENKATESWARLU G. 21336 1932120370 1035 HYDERABAD KAMBLE RAJENDRA 32786 1932120371 1036 HYDERABAD THYAGARAJU P. 13254 1932120381 1037 HYDERABAD MAGGIDWAR KRISHANRAO P. 15984 1932320369 1038 HYDERABAD MEDIDA JAYASREE (MRS) 26444 1932320384 1039 HYDERABAD RAO KAMANCHI VENKATA SUBBA 23822 1932330359 1040 HYDERABAD RAO A.VENKATESWARA 7384 1932710330 1041 HYDERABAD SURENDRANATH V. 10739 1932710331 1042 HYDERABAD SURYANARAYAN 10752 1932710332 1043 HYDERABAD SHARFUDDIN MOHAMMED 10157 1932710334 1044 HYDERABAD SATYANARAYANA TERETIPALLY 16156 1932710336 1045 HYDERABAD REDDY PALLE PRABHAKARA 11484 1932710337 1046 HYDERABAD RAO TULABANDU JOGESWARA 12657 1932710338 1047 HYDERABAD RAO MEDUKONDURI RAMAKRISHNA 15014 1932710339 1048 HYDERABAD RAO TONDUPALLY GURURAJA 15150 1932710340 1049 HYDERABAD MURTY MANTHA VENKATA RAMANA 14646 1932710341 1050 HYDERABAD PRAKASHAM KALIGOTLA 16826 1932710343 1051 HYDERABAD RAO K.J.P.DEVARAJA 20535 1932710344 1052 HYDERABAD PRASAD LAVU TIRUMALESWARA 21051 1932710345 1053 HYDERABAD RAO CHIRAMADASU PITCHESWARA 14136 1932710347 1054 HYDERABAD RAO DEVARAGUDI SREENIVASA 15153 1932710348 1055 HYDERABAD MURTHY K.V.S.R. 17722 1932710349 1056 HYDERABAD MURTHY MANDALA RADHA KRISHNA 17519 1932710350 1057 HYDERABAD NORI RUSHIKUMAR 13528 1932710352 1058 HYDERABAD RAO GOPISETTI CHANDRA SEKHAR 13522 1932710353 1059 HYDERABAD PONNAPPA CAUVERY (MRS) 20823 1932710355 1060 HYDERABAD PRASAD C.L. 14240 1932710356 1061 HYDERABAD RAO GUNDA KESAVA 13523 1932710358 1062 HYDERABAD MANKAR ERANNA 10219 1932710360 1063 HYDERABAD CHANDRASEKHARAM RACHAKONDA 13531 1932710361 1064 HYDERABAD SUBRAMANYAM K. S. 17054 1932710363 1065 HYDERABAD REDDY BHAVANAM V. 10181 1932720366 1066 HYDERABAD AKULA PRADEEP 16182 1932720367 1067 HYDERABAD RAO Y. SATHYANARAYANA 16837 1932720372 1068 HYDERABAD SRIRANJINI R. (MRS) 14444 1932720373 1069 HYDERABAD PRASAD M. R. K. J. 16158 1932720374 1070 HYDERABAD DAYAL MALA (MRS) 14243 1932720375 1071 HYDERABAD GANAPATHY MUTHU KRISHNAN 22056 1932720376 1072 HYDERABAD RAO R. MADHUSUDHANA 17572 1932720377 1073 HYDERABAD PRIYA V. MADHAVI (MS) 20903 1932720378 1074 HYDERABAD PARASHAR K. 21475 1932720379 1075 HYDERABAD KOTAGIRI PRADEEP 11209 1932720380 1076 HYDERABAD REDDY K. S. S. 13376 1932720382 1077 HYDERABAD RAO K. CHANDRASEKHARA 16208 1932720383 1078 HYDERABAD CHARY D. V. R. 16839 1932720385 1079 HYDERABAD DANTESWAR V. L. N. 23150 1932720386 1080 HYDERABAD KONDAPALLI SATYA KUMAR 16163 1932720387 1081 HYDERABAD SATYANARAYANA VISINIGIRI 16832 1932720388 1082 HYDERABAD SRINIVASAN R. 10222 1932720389 1083 HYDERABAD GURURAJA J.S.D. 19927 1932730354 1084 HYDERABAD SUDHAKAR B. 16785 1932730362 1085 HYDERABAD RAO TALLURI CHALAPATHI 12646 1933110142 1086 HYDERABAD RAJU SUVARNA S. 10703 1933110144 1087 HYDERABAD RANGA RAO KOLAVENTY 26527 1933120153 1088 HYDERABAD KUMAR YELAMANCHILI 12645 1933130146 1089 HYDERABAD MOHANA A.KRISHNA 12320 1933710137 1090 HYDERABAD MOHAPATRA MANAS RANJAN 19755 1933710138 1091 HYDERABAD MARUTHI S.P. 12360 1933710139 1092 HYDERABAD MURTHY A.BHANU 11496 1933710140 1093 HYDERABAD SHIVAJI PAVULURI 11017 1933710141 1094 HYDERABAD RAO P.MANMADHA (DR) 23317 1933710143 1095 HYDERABAD REDDY POLEMREDDY VENKATESWARA 12324 1933710145 1096 HYDERABAD PRASAD KANUPARTHI SUBRAMANYA 12982 1933710148 1097 HYDERABAD SIVAYYA MATURU 11211 1933720152 1098 HYDERABAD SREERAM SURESH 22671 1933730147 1099 HYDERABAD SASTRI CHALLA VEERA BHADRA 23217 1933730149 1100 HYDERABAD TILAK M.B.G. 14425 1933730150 1101 HYDERABAD RAO T.DHANANJAYA 12309 1933730151 1102 HYDERABAD ANKAIAH MERUM 11817 1934110056 1103 HYDERABAD MISHRA GURU PRASAD 18579 1934110058 1104 HYDERABAD RAO K.BABU 12659 1934110061 1105 HYDERABAD SINGH RAVINDRANATH BHOLANATH 18309 1934710057 1106 HYDERABAD RAO N.PRABHAKARA 10740 1934710059 1107 HYDERABAD VENUGOPAL A. 12354 1934710060

The GIC Emp. Union-AP and NFGIE wishing all the candidates GOOD LUCK.

With Warm Greetings,

M. HANUMANTHA RAO        T. GOPALA KRISHNA

        PRESIDENT              GENERAL SECRETARY