Monday, July 25, 2011

'LIC mkt investments to top Rs 2 lakh cr'


New Delhi: The country's largest insurer LIC said its total investments in the market will cross Rs 2 lakh crore this fiscal. “Our investments will be more than last year. We will top last year's total investment of Rs 2 lakh crore this year,” LIC Managing Director Thomas Mathew said.

He said the company had invested Rs 40,000 crore in equities last fiscal and this year, it will be above that.LIC is the largest domestic institutional investor in the Indian market. As per the Insurance Act, 50 per cent of investments made by an insurance company have to be in government securities and about 15 per cent in infrastructure-related areas.
The balance 35 per cent can be invested in other areas like equities and debentures.
“Depending on business, we will decide on this year's investment. Hopefully, business will be good this year,”Mathew said.
Mathew said LIC will participate in the government's Rs 40,000 crore disinvestment programme in the current fiscal.
“Earlier, we participated in all the government public offers. This year also, when government public offers come, we will participate,” Mathew said.
The government plans to raise Rs 40,000 crore through a stake sale in different PSUs in 2011-12. So far this fiscal,it has already raised over Rs 1,100 crore through divestment of its stake in Power Finance Corporation.Public stake sales by a host of companies, like ONGC, SAIL, Hindustan Copper, BHEL and NBCC, among others, are also in the pipeline.

Insurance,pensionBills unlikely to getfinance panel nod beforeHouse session

New Delhi: A day after Finance Minister Pranab Mukherjee expressed hope that at least some key economic Bills will be enacted soon, two key financial sector reforms Bills — on insurance and pension — are unlikely to be cleared by the Standing Committee on Finance in time for the upcoming Monsoon Session of Parliament that starts from August 1.

While the committee is yet to finalise its views on the Insurance Laws Amendment Bill 2008, it held its first meeting on Thursday to discuss the Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 and is understood to have asked the finance ministry some tough questions on its intentions regarding the pension sector.
“Neither of the Bills will be ready for discussion in the Monsoon session as the committee is still working on them,” a person close to the development said. The panel however is likely to finalise its report on the Banking Laws (Amendment) Bill, 2011, which seeks to raise the ceiling on voting rights of shareholders of nationalised banks to 10 per cent
Both the insurance and pension bills are long pending and keenly awaited as they are expected to further liberalise the investment environment. While the Insurance Laws Amendment Bill, 2008 seeks to hike the foreign direct investment limit in the sector to 49 per cent from the existing 26 per cent, the PFRDA Bill which was tabled in the Budget session of Parliament seeks statutory backing for the pension regulator but is silent on the issue of FDI.
The Parliamentary panel, which is led by former finance minister and BJP leader Yashwant Sinha is however understood to have asked the finance ministry its plans regarding FDI in pension funds and has also sought clarifications regarding the structure and powers of the proposed pension regulator.
“The Bill has sought to empower the PFRDA to take most of the important decisions. The committee is keen to know more about its functions as well as the New Pension Scheme,” the person said.

IRDA hints at mandatory listing for insurers


Mumbai: Even as the final IPO norms for life insurance companies are still awaited and most players are not keen to hit the capital markets to raise funds, the sectoral regulator IRDA hinted at making it mandatory for them to go public.


"The (Insurance) Act doesn't stipulate companies to go public, but the regulator might," Insurance Regulatory and Development Authority (IRDA) J Hari Narayan told reporters on the sidelines of an industry summit.
He said the industry is competing with other sectors for capital and the IPO would help them to raise some. "The capital has to grow. We need capital," Narayan said.
He also said the final IPO guidelines for the life insurance will be ready by the end of the month.
However, none of the existing laws, be they the Companies Act or the Sebi or IRDA Acts, make it mandatory for any company in any sector to get listed. If the Irda wants to have its way, then all these Acts mentioned above will have to be amended, besides the LIC Act.
LIC, despite being the nation's largest financial entity, is fully owned by the government and is not a company under the Companies Act but by is governed by the LIC Act.
Interestingly, among the 22 private life players only a few like HDFC Standard Life and Reliance Life, are keen to tap the primary markets to mop up funds. Most of the players says that they are not looking to raise capital.
Last month, IRDA had released a set of draft guidelines for insurance companies to raise funds through public offers.
As per the draft norms, only those with 10 years of operations and strong financials would be allowed to access the capital markets.
Insurance firms planning public offers have to seek 'formal approval' from Irda and then approach the Sebi for final approval, the draft norms had said. As part of the eligibility criteria, the insurers should have maintained the prescribed regulatory solvency margin during the preceding six quarters, it said.

IRDA hints at mandatory listing for insurers


Mumbai: Even as the final IPO norms for life insurance companies are still awaited and most players are not keen to hit the capital markets to raise funds, the sectoral regulator IRDA hinted at making it mandatory for them to go public.


"The (Insurance) Act doesn't stipulate companies to go public, but the regulator might," Insurance Regulatory and Development Authority (IRDA) J Hari Narayan told reporters on the sidelines of an industry summit.
He said the industry is competing with other sectors for capital and the IPO would help them to raise some. "The capital has to grow. We need capital," Narayan said.
He also said the final IPO guidelines for the life insurance will be ready by the end of the month.
However, none of the existing laws, be they the Companies Act or the Sebi or IRDA Acts, make it mandatory for any company in any sector to get listed. If the Irda wants to have its way, then all these Acts mentioned above will have to be amended, besides the LIC Act.
LIC, despite being the nation's largest financial entity, is fully owned by the government and is not a company under the Companies Act but by is governed by the LIC Act.
Interestingly, among the 22 private life players only a few like HDFC Standard Life and Reliance Life, are keen to tap the primary markets to mop up funds. Most of the players says that they are not looking to raise capital.
Last month, IRDA had released a set of draft guidelines for insurance companies to raise funds through public offers.
As per the draft norms, only those with 10 years of operations and strong financials would be allowed to access the capital markets.
Insurance firms planning public offers have to seek 'formal approval' from Irda and then approach the Sebi for final approval, the draft norms had said. As part of the eligibility criteria, the insurers should have maintained the prescribed regulatory solvency margin during the preceding six quarters, it said.

IRDA hints at mandatory listing for insurers


Mumbai: Even as the final IPO norms for life insurance companies are still awaited and most players are not keen to hit the capital markets to raise funds, the sectoral regulator IRDA hinted at making it mandatory for them to go public.

"The (Insurance) Act doesn't stipulate companies to go public, but the regulator might," Insurance Regulatory and Development Authority (IRDA) J Hari Narayan told reporters on the sidelines of an industry summit.
He said the industry is competing with other sectors for capital and the IPO would help them to raise some. "The capital has to grow. We need capital," Narayan said.
He also said the final IPO guidelines for the life insurance will be ready by the end of the month.
However, none of the existing laws, be they the Companies Act or the Sebi or IRDA Acts, make it mandatory for any company in any sector to get listed. If the Irda wants to have its way, then all these Acts mentioned above will have to be amended, besides the LIC Act.
LIC, despite being the nation's largest financial entity, is fully owned by the government and is not a company under the Companies Act but by is governed by the LIC Act.
Interestingly, among the 22 private life players only a few like HDFC Standard Life and Reliance Life, are keen to tap the primary markets to mop up funds. Most of the players says that they are not looking to raise capital.
Last month, IRDA had released a set of draft guidelines for insurance companies to raise funds through public offers.
As per the draft norms, only those with 10 years of operations and strong financials would be allowed to access the capital markets.
Insurance firms planning public offers have to seek 'formal approval' from Irda and then approach the Sebi for final approval, the draft norms had said. As part of the eligibility criteria, the insurers should have maintained the prescribed regulatory solvency margin during the preceding six quarters, it said.

Monday, July 11, 2011

போராட்டக்களத்தில் பூத்த செம்மலர்

     
        சுதந்திர இந்தியாவில்  நடத்தப்பட்ட 245 தனியார் இன்சூரன்ஸ் கம்பெனிகள்        ( இப்போது இருக்கிற தனியார் இன்சூரன்ஸ் கம்பெனியைப் போல்) மக்களின் சேமிப்பு நிதியை கொள்ளையடிப்பது, பாலிசிதாரர்களுக்கு சரியான முறையில் உரிமங்கள் வழங்காமல் ஏமாற்றுவது போன்ற செயல்களைத் தான் செய்து வந்தன. அன்றைக்கும்  அதை தட்டிக்கேட்கவேண்டிய அரசு கண்டு கொள்ளாமல் தான் இருந்தது. இது போன்று மக்களை ஏமாற்றும் தனியார் முதலாளிகளின் செயல்பாடுகளை  பொறுத்துக்கொள்ள முடியாத அந்த  தனியார் இன்சூரன்ஸ் கம்பெனிகளில் வேலை செய்துவந்த ஊழியர்களெல்லாம் சேர்ந்து 1951 - ஆம் ஆண்டு ஜூலை 1 -ஆம் தேதி அன்று அன்றைய பாம்பே - இன்றைய மும்பையில் தாதர் என்ற பகுதியில்  நடந்த ஜூன் 30 மற்றும் ஜூலை 1 தேதிகளில் நடந்த தொடக்க மாநாட்டில் அகில  இந்திய இன்சூரன்ஸ் ஊழியர் சங்கம் தொடங்கிவைக்கப்பட்டது
                   இந்த சங்கம் ஊழியர்களுக்கு ஊதிய உயர்வு கோரியோ, போனஸ் கோரியோ, பதவி உயர்வு கேட்டோ தொடங்கப்பட்டச் சங்கமல்ல. மக்களின் நிதி கொள்ளை போவதை தடுக்க, தனியார்வசம் இருக்கும் இன்சூரன்ஸ் துறையை தேசவுடைமை செய்ய வேண்டும் என்கிற கோரிக்கையோடு தொடங்கப்பட்டச் சங்கம் என்பது பெருமையளிக்கக்கூடிய அம்சமாகும். போராட்டக்களத்தில் பூத்த செம்மலர் தான் அகில இந்திய இன்சூரன்ஸ் ஊழியர் சங்கம் என்றால் அது மிகையாகாது. அதனால் தான் இந்த சங்கம் இன்றைக்கும் இந்தியாவில் உள்ள தொழிற்சங்கங்களுக்கு எல்லாம் வழிகாட்டும் சங்கமாக விளங்குகின்றது.
                  இந்திய இன்சூரன்ஸ் துறை 1956 - ஆம் ஆண்டு  தேசவுடைமை செய்யப்பட்டதற்கு  - பொதுத்துறை எல். ஐ. சி தொடங்கப்பட்டதற்கு  அகில இந்திய இன்சூரன்ஸ் ஊழியர்சங்கம் நடத்திய தொடர் போராட்டமே காரணம். வழக்கம் போல் - மற்ற தொழிற்சங்கங்களைப் போல் ஊழியர் நலன்களில் மட்டும் அக்கறை காட்டாமல், அதையும் தாண்டி கடந்த அறுபது ஆண்டுகளில் ஏகாதிபத்திய எதிர்ப்பு, தேச நலன், மக்கள் சேவை, சமூக மாற்றம், தீண்டாமை ஒழிப்பு, பெண் விடுதலை, பொதுத்துறை எல். ஐ. சி. பாதுகாப்பு  என பல்வேறு போராட்டங்களையும் இயக்கங்களையும் நடத்திவருவது மட்டுமல்லாமல், தன்னுடைய உறுப்பினர்களை  ஒரு சமூக சிந்தனையாளர்களாகவும், தேசபக்தர்களாகவும், முற்போக்கு சிந்தனையாளர்களாகவும் வளர்த்து உருவாக்கி இருக்கிறது என்றால் அது மிகையாகாது. இந்த சங்கத்தில் உறுப்பினர்களாக  இருக்கிறோம்  என்பதே பெருமையளிக்கக்கூடிய விஷயமாகும். 
                இன்று வைரவிழா காணும்  அகில இந்திய இன்சூரன்ஸ் ஊழியர் சங்கத்தை மேலும் பலம் சேர்த்து, மேலே சொன்ன அத்தனைப் போராட்டங்களையும் முன்னெடுத்துச் செல்வோம். செங்கொடியை உயர்த்திப் பிடிப்போம்...
                  அகில இந்திய இன்சூரன்ஸ் ஊழியர் சங்கம் வாழ்க...

July-1 aiiea formation day

The 61st formation day of AIIEA on July-1 was celebrated in a befitting manner by Insurance Corporation Employees Union, Chennai Division-I.  The call given by aiiea to celebrate the formation day was fully implemented. On July 1st  when the office started functioning  in the morning  chocolates were distributed to all class of employees in all offices under Chennai division-I. Rose flowers were distributed to all the women employees of the division including class.I officers. The chocolates were distributed to the visitors of the branches, division and zonal office. In the after noon pledge was administered in all the 23 units. At LIC Building, Anna salai, Chennai the pledge was administered by the Divisional General Secretary Com.S.Ramesh Kumar. Com.N.M.Sundaram leader of AIIEA hoisted the AIIEA flag in the middle of thunderous sloganeering. Com.NMS addressed the gathering. More than 350 comrades attended the meeting. He narrated the formation and growth of our beloved organization. He emphasized the need for the younger generation to have a social outlook and asked them to emulate the great leaders of our organization such as Com.Saroj, Com.Sunil and com Manchanda. He lauded the women’s sub-committee of Chennai division-I for the innovative initiative of asking all the women comrades to wear red saree on july-1, which was readily obliged by all women comrades. Com.G.Jayaraman, president of ICEU, Chennai division I presided the meeting. The celebrations enthused all the comrades of the division.