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Two PSU insurers to roll out rejig operations on February 13 Come February 13, the Central government-owned Oriental Insurance Company Ltd and National Insurance Company Ltd will begin an organisational rejig on a pilot basis, top officials said. Citing that major corporate policies will be renewed next month and reinsurance deals will also be finalised in March, the Officer's Association of Oriental Insurance have requested the management to defer the implementation now and go live from next fiscal onwards. On its part, the Joint Forum of Tr...
Two PSU insurers to roll out rejig operations on February 13
Two PSU insurers to roll out rejig operations on February 13
Source: IANS
11/02/2023 5:17:00 PM
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
Oriental Insurance to fix employee KPIs after discussion with unions The management of public sector non-life insurer The Oriental Insurance Company Ltd will discuss with the employee unions before fixing the new key performance indicators (KPI), said the Officers' Association in the company. In a communication to its members, The Oriental Insurance Company Officers' Association has said: "The Management has assured to discuss with us before finalisation on KPI." The Association said the management informed at its meeting held on Monday...
Oriental Insurance to fix employee KPIs after discussion with unions
Oriental Insurance to fix employee KPIs after discussion with unions
Source: IANS
28/09/2022 9:45:42 AM
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
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
Rs 10 lakh to kin of government general insurance employees dying of Covid The four government owned non-life insurers will pay ex-gratia of Rs 10 lakh to the nominees of the employees who died due to Covid-19, a top leader of the General Insurance Employees All India Association (GIEAIA) said. One of the four insurers, the Oriental Insurance Company Ltd, on Thursday issued a circular announcing payment of lump-sum ex-gratia of Rs 10 lakh to the nominee of those employees who died of Covid-19. The insurer also said it would reimburse 100 per cent of the remain...
Rs 10 lakh to kin of government general insurance employees dying of Covid
Rs 10 lakh to kin of government general insurance employees dying of Covid
Source: IANS
23/07/2021 8:56:39 AM