News

LIC can be converted into composite insurer merging 4 PSU general insurers with it With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India (LIC) is one of the views voiced by industry experts. The Centre has proposed to amend various provisions of the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999. The amendments proposed are: allowing composite insurers -- one insurer selling life and non-life insurance policies;...
LIC can be converted into composite insurer merging 4 PSU general insurers with it
LIC can be converted into composite insurer merging 4 PSU general insurers with it
Source: IANS
8/12/2022 10:04:52 AM
At Rs 1,000 per claim, National Insurance plans to hire Internal Ombudsman In an attempt to reduce claims litigation costs, individual policyholders complaints to Insurance Ombudsman, government owned National Insurance Company Ltd has decided to hire an Internal Ombudsman. According to the company, the Internal Ombudsman shall deal with all grievances relating to quantum disputes arising out of claim. The Internal Ombudsman is required to strengthen the grievance redressal mechanism and reduce the complaints to Insurance Ombudsman and pre-empt litigation in j...
At Rs 1,000 per claim, National Insurance plans to hire Internal Ombudsman
At Rs 1,000 per claim, National Insurance plans to hire Internal Ombudsman
Source: IANS
28/09/2022 5:03:32 PM
Government-owned general insurers looking at asset monetisation Asset monetisation is one of the parts of organisational overhaul that the four government-owned general insurance companies are expected to do, said a senior industry official. The four insurers are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited. The four companies have hired Ernst & Young (EY) as the consultant for the assignment called "Organisational Efficienci...
Government-owned general insurers looking at asset monetisation
Government-owned general insurers looking at asset monetisation
Source: IANS
30/08/2022 1:45:56 PM
Government wants public sector insurers rejig first, unions demand wage revision The talks between the unions in the four public sector general insurers, General Insurance Corporation of India (GIC Re), their management and the government has ended in a stalemate, said industry officials. The meeting took place on Saturday. The four are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited. "The management and the government wanted to discuss the restruct...
Government wants public sector insurers rejig first, unions demand wage revision
Government wants public sector insurers rejig first, unions demand wage revision
Source: Accord Fintech
29/08/2022 1:10:30 PM
Government owned general insurers gearing up for major rejig The four Central government owned non-life insurers are expected to implement a major organisational restructuring in less than month which would cut down their costs, free up staff for redeployment and in general improve customer service, said industry officials. The four insurers are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited. Of the four, The New India Assurance is lis...
Government owned general insurers gearing up for major rejig
Government owned general insurers gearing up for major rejig
Source: IANS
18/08/2022 3:22:33 PM
Wage revision talks in PSU non-life sector to begin Wednesday The General Insurers' (Public Sector) Association of India (GIPSA), the lobby body for the four government owned multiline non-life insurers, will begin the wage revision talks with the unions on Wednesday. The GIPSA has informed the recognised unions representing the different cadres in the four companies -- The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited. Of the four, The...
Wage revision talks in PSU non-life sector to begin Wednesday
Wage revision talks in PSU non-life sector to begin Wednesday
Source: IANS
21/06/2022 4:59:17 PM