Moneycontrol Online Trading Spill

For å delta i konkurransen må Contestant logge på moneycontrol og forutsi Sensex-sluttverdien for dagen. Deltakerne er kun gyldige hvis de har et gyldig og bekreftet e-id. Deltakere må logge på før man gjetter sluttverdien til Sensex Contest. Lukker på hver markedsdag klokken 14:30 (IST). Deltakerne har lov til å endre sine gjetninger til kl. 14.30. Hvis de endrer seg etter kl. 14.30, blir deres oppføring merket som et gjetning for neste handelsdag. Deltakere med nærmeste gjetning og riktig svar vil være vinneren. Vinneren vil bli avgjort klokka 17:00 (IST). Vinneren vil bli kommunisert av E-postkonkurranse starter fra 18. januar 2017 og slutter 7. februar 2017. Gratulerer for premier starter fra 23. januar 2017 og slutter 3. februar 2017. Kun én vinner vil være berettiget til prisen Voucher worth Rs. 5 000 vil bli gitt til den daglige vinner hver dag i løpet av konkurransen. IPAD Mini 2 32 GB vil bli gitt til vinneren på budsjettdagen. Denne konkurransen er åpen for indiske statsborgere over 18 år. Vinneren bør ha et gyldig PAN-kort for å hente prisen The premien bortfaller etter 30 dager hvis det ikke påberopes moneycontrol forbeholder seg også retten til å endre premie og / eller antall vinnere per dag, når som helst under konkurransen etter eget skjønn. Premiene skal ikke overføres og må aksepteres som tildelt. Ingen forespørsel om kontanter eller annen erstatning skal gjøres til moneycontrol. Trenger jeg å være registrert bruker for å spille denne utfordringen For å kunne spille denne utfordringen, kan du logge inn med et registrert moneycontrol id eller sosiale nettverk logg inn som facebook, twitter, google eller yahoo . Er det noen grense for hvor mange innleveringer en bruker kan ta Nei, kan en bruker gjøre noen gjetninger til den angitte tidsgrensen, dvs. klokken 02:30 for den aktuelle dagen og legge inn det for neste handelsdag. Hvordan kan en bruker spille The Great Sensex Challenge Brukere må logge inn med sitt gyldige bruker-ID og taste inn sluttverdien til Sensex for den dagen. Hvordan blir man en ukentlig vinner Følgende betingelser bør oppfylles for at en deltaker skal bli en ukentlig vinner En deltaker med høyest antall poeng og nærmeste gjetning vinner. I tilfelle av slips vinner personen som har satt i gjetningen tidligere. Hvor mange vinnere vil bli erklært hver dag Tre vinnere vil bli erklært hver dag. Mens den beste gjetningen av Sensex får fem poeng. Andre får tre poeng og det tredje gjettet blir ett poeng. Hvilken tid vil de daglige og ukentlige vinnerne bli annonsert Daglige vinnere vil bli annonsert hver handelsdag klokka 17:00 (IST) og Ukentlige vinnere vil bli annonsert hver fredag ​​klokka 17:00 (IST) Hva er betingelsene for at en person skal være kvalifisert som daglig eller ukentlig vinner En deltaker bør overholde følgende: En bruker skal ha et gyldig verifisert e-post id moneycontrol bruker id Bare for en indisk statsborger over 18 år Vinneren skal ha et gyldig PAN-kort Hvordan vil vinneren bli informert om hans gevinster Vinneren vil bli informert gjennom deres registrerte e-post-ID. A. Oppføring i denne konkurransen utgjør din aksept av følgende vilkår og betingelser: 1. Konkurransen er kun åpen for innbyggere i India, bosatt i India, og som er 18 år eller eldre. Medarbeidere, offiserer, styremedlemmer, E-eighteen Ltd og Selskapet som er vert for konkurranseplanen og deres tilknyttede enheter og deres respektive avhengige, nærmeste familiemedlemmer (foreldre, barn, søsken og ektefelle) og personer som bor i samme husstand, er ikke berettiget til skriv inn eller vinn en premie. 2. For å delta i konkurransen må Contestant logge på moneycontrol og forutsi Sensex sluttverdien for dagen. Ved å registrere seg for konkurransen, godtar hver deltaker i konkurransebetingelsene og garanterer at han eller hun har oppfylt alle krav som er fastsatt i reglene for vilkår og betingelser. 3. All kommunikasjon vil kun bli sendt via registrert post-ID som brukes til registrering. Tildeling av deltagere vil kun være gyldig hvis de har et gyldig og bekreftet e-post-ID. Registrering vil bli bekreftet av en bekreftelsespost fra Moneycontrol. Deltakerne deltakere forventes å gi nøyaktig informasjon. 4. Deltakerne kan delta i konkurransen på følgende vilkår: a. Deltaker skal gi gyldig PAN Card detaljer kopi. b. Moneycontrol E-Eight Limited har rett til å be om ytterligere dokumentarbevis for informasjon. Dersom en slik forespørsel er gjort, må deltaker være i samsvar innen 3 dager fra datoen da forespørselen er gjort, dersom deltakeren ikke kan diskvalifiseres fra deltagelse i konkurransen. c. Deltaker skal sørge for å skrive inn og sjekke e-post-ID og mobilnummer under registreringen. d. Deltakere får lov til å endre sine gjetninger til kl. 14.30. Hvis de endrer seg etter kl. 14.30, blir deres oppføring merket som et gjetning for neste handelsdag. e. Deltakerne kan kun ta opp konkurransen under registrert dato og tidsspor. f. Deltaker kan kun delta i konkurransen på det angitte tidsluke. g. Deltagere må logge på før de gjetter sluttverdien til Sensex. h. Deltakerne vil være ansvarlig for å gjøre alle arrangementer til å delta i konkurransen, som inkluderer datamaskinen, konstant internettforbindelse, strømskopiering osv. Arrangøren er ikke ansvarlig for eventuelle tekniske feil fra deltakerne. 5. Deltakere eller vinnere kan diskvalifiseres av en av følgende grunner: a. Deltakeren er ikke kvalifisert basert på kvalifikasjonskravene. b. Deltakeren har oppgitt feil eller feil informasjon med hensyn til detaljer søkt fra deltaker. c. Deltageren har ikke fulgt konkurransens regler. d. Deltakeren er involvert i svindelaktivitet eller manglende overholdelse av disse vilkårene for forsterkning eller andre lover som gjelder. I slike tilfeller forbeholder Moneycontrol (E eighteen Ltd) seg retten til å diskvalifisere deltakeren og erklære den neste kvalifiserende deltakeren som vinner eller ikke erklære noen vinner i det hele tatt. 6. Kunngjøringer om konkurransevinnerne a. Final Weekly Winners vil bli annonsert hver fredag ​​klokka 17:00 (IST) og ukentlige vinnere vil bli varslet via det registrerte e-post-ID. b. I tilfelle en premie som tilbys i konkurransen, ikke blir benyttet, samles inn av den respektive vinner innen 30 dager etter at Moneycontrol E-eighteen Ltd har vunnet erklæring på grunn av hvilken som helst grunn som denne prisen skal bortfalle og fortabes, og slik vinner skal ikke ha krav mot Moneycontrol E-eighteen Ltd, dets partnere, agenter, tjenesteleverandører, styremedlemmer, ansatte etc. c. Deltaker forstår og godtar at Moneycontrol E-eighteen Ltd forbeholder seg absolutt rett til å endre premie og / eller antall vinnere per dag, når som helst under konkurransen etter eget skjønn. d. Moneycontrol E-eighteen Ltd skal ikke holdes ansvarlig for eventuelle forsinkelser eller tap som kan oppstå ved levering av varene og tjenestene eller premiene. e. Premier for denne konkurransen skal ikke overføres og må aksepteres som tildelt. Ingen forespørsel om kontanter eller annen erstatning skal gjøres til Moneycontrol. Premiene kan ikke overføres. Premiene tildeles til fordel for brukeren og forventes å bli brukt av brukeren. f. Ingen substitusjoner eller utveksling av prisen, bortsett fra det som er detaljert i kommunikasjonen sendt til Vinneren, skal under noen omstendigheter tillates. Imidlertid forbeholder Moneycontrol E-eighteen Ltd den rette erstatning og / eller forandrer premien eller noen av dem på grunn av at prisen ikke er tilgjengelig, uten intimasjon eller varsel, skriftlig eller på annen måte til Vinneren. g. Vinneren skal ha et gyldig PAN-kort for å kreve premien. h. Moneycontrol (E-Eighteen Ltd) vil ikke bære noen ekstra utgifter i forhold til premien. Jeg. Moneycontrol E-eighteen Ltd utelukker ingen garantier og representerer ikke kvaliteten, nytten, verdien, leveransen eller på annen måte av varene og tjenestene eller prisen som tilbys. Moneycontrol (E-Eighteen Limited) for enhver forsinkelse eller tap som kan oppstå ved levering av varene og tjenestene eller premiene eller eventuelle tapskader som kan oppstå uten bruk av eller på annen måte av godstransportprisene benyttet av Vinneren under contest. j. Vinneren vil bruke premiene helt på egen risiko og vil holde Moneycontrol E-eighteen Ltd uskadelig for enhver ulykke, skade, død, skader, kostnader og tap som Vinner opplever som følge av besittelse eller bruk av premier vant i konkurransen. k. Prisen inkluderer ikke: innenlands overføringer, innkvartering, personlige utgifter, Forsikring, Statens avgifter, avgifter eller tilfeldige kostnader, annet enn det som er nevnt. l. Eventuelle skatter eller andre forpliktelser eller avgifter som skal betales til regjeringen eller annen lovbestemt myndighetskonsulent eller et deltakende selskap, som kan oppstå eller tilflyte Vinneren på grunn av premieavgiften, skal være til Winnerens eneste regning. Skatt som trekkes fra kilden, hvis noen, på pengeprisen av prisen, skal betales av Vinneren. m. Alle problemstillinger ber om klageproblemer knyttet til prisen, hvis noen, skal adresseres til feedbackmoneycontrol. Det samme skal behandles innen 7 dager etter mottakstidspunktet. en. Deltakelsen i konkurransen er frivillig. b. The Great Sensex Challenge vil bli gjennomført online gjennom vår vurderingsplattform. c. Ved å bruke denne portalwebsiteplatformen, godtar brukeren at de har lest, forstått og godkjent Reglene, Vilkårene for konkurransevilkårene. Ved å godta vilkårene for Great Sensex Challenge, er du bundet av en ærekode for å ta opp utfordringen uten hjelp eller støtte fra andre og rettferdig. d. Deltakelse i konkurransen utgjør tillatelse til å bruke vinners navn og fotografi (alt etter E-eighteen Ltd Moneycontrols skjønn) for fremtidig reklame, publisitet i alle medier som nå eller senere er utarbeidet over hele verden i evigvaren, uten ytterligere kompensasjon, varsel eller tillatelse. e. Deltaker er enig i at personlige data, spesielt navn og e-post-ID, kan behandles, deles og ellers brukes til formålene og innenfor kontekstens kontekst og andre formål som er beskrevet i vilkårene og betingelsene som er beskrevet her. Dataene kan også brukes av Moneycontrol E-eighteen Ltd for å verifisere deltakerens identitet, e-postadresse og andre nødvendige opplysninger eller ellers bekrefte deltakerne kvalifisert til å vinne premier i konkurransen. f. Disse vilkårene gjelder for alle deltakere som deltar i Great Sensex Challenge-konkurransen. En deltaker kan kun delta i Great Sensex Challenge Contest, hvis heshe godtar vilkårene. g. Når deltaker har registrert, kan en slik deltager ikke gjøre noen endring i deltakernavn til en annen person. h. Eventuelle tvister som oppstår av dette skal være underlagt eksklusiv jurisdiksjon fra High Court of Mumbai. Jeg. Nettstedet kan gi hyperkoblinger og eller annonser til tredjeparts nettsteder. Disse nettstedene eies eller kontrolleres ikke av Moneycontrol E-eighteen Ltd. Vennligst merk at Moneycontrol E-eighteen Ltd ikke skal holdes ansvarlig for personlig informasjon som tredjeparter samler, lagrer og bruker via deres nettside. Deltaker bør alltid lese personvernreglene for hvert nettsted besøkt av himher. j. Alle bilder av prisen i kommunikasjonen er kun veiledende. k. I alle saker som gjelder Konkurransen, skal Moneycontrol E-eighteen Ltds beslutning være endelig og bindende i alle henseender. l. Disse vilkårene skal være i tillegg til og ikke i substitusjonsavvik fra konkurransegrenene eller andre regler som Moneycontrol E-eighteen Ltd fra tid til annen gir melding om. m. Moneycontrol E-eighteen Ltd forbeholder seg retten til å endre endring alle eller noen av vilkårene som gjelder for Great Sensex Challenge Contest uten å tildele noen grunner eller uten noen form for intimering. Moneycontrol E-eighteen Ltd forbeholder seg også retten til å endre opphør av konkurransen uten å tildele noen grunner eller uten forutgående intimering overhodet. Endringer i reglene vil bli lagt ut på denne nettsiden i regelavsnittet. Vi tror at markedsflyt kan forutsies ved bruk av teknisk analyse, og det gir muligheter for den tekniske investorenes investor, ny eller erfaren, for å tjene penger. Trikset er rettidig og pålitelig veiledning. Alt dette kombinerer for å danne vårt daglige nyhetsbrev. For å kunne identifisere og dele konkrete og konsekvente handelsmuligheter i Financial Markets basert på Solid Research Pålitelig, selvutviklet system. Markedsbevegelser kan forutsies ved bruk av teknisk analyse. Markedet gir muligheter for den tekniske næringen som er ny eller erfaren, for å tjene penger. Trikset er rettidig og pålitelig veiledning. Alt dette kombinerer for å danne vårt daglige nyhetsbrev. Nyhetsbrevet inneholder markedet visdom av Sudarshan Sukhani, India anerkjent og beundret teknisk analytiker. Den inneholder detaljerte aksjer, markedsanalysep Ideas. Vi stoler utelukkende på teknisk analyse for våre faktiske handelsbeslutninger. Våre Ryggraden: Kartlegging programvare Det er viktig å ha riktig kartleggingsprogramvare for å ta de riktige handler. Vi bruker Trend Analyzer, en profesjonell kartlegging og analyse programvare som leveres med toppmoderne verktøy. Det hjelper med å bestemme: Trend, Momentum for aksjer, futures, varer og NSE Valutahandel. Anerkjenn konsistente muligheter i: Equities, Futures, Options, Metals, Valuta Styreformann og administrerende direktør Sudarshan Sukhani er en av Indias mest kjente tekniske analytikere. Han er en sertifisert finansiell tekniker, en anerkjennelse gitt av International Federation of Technical Analysts, USA, og er også president for The Association of Technical Analysts (ATA) i India. Han er en konstant tilstedeværelse som markedsanalytiker på moneycontrol, CNBC-TV18 og andre fremtredende plattformer. Han er kvalifisert kartlegger og har gjennomført over femti seminarer om teknisk analyse. Han er også forfatteren til Trading the Markets, en bestselgende bok om handlingshandelen for aksjemarked. En full tid aktør siden 1993, inkluderer Sukhanis forskning hundrevis av bøker, kurs handelsmetoder. I 1996 var han en av de første brukerne av automatisert teknisk analyse i India, og fortsetter å følge banen for systematisk handel. For å få tilgang til mailere på en sanntid på mobilen, logg på m. moneycontrolgamechangers Hvis du ikke er 100 fornøyd med Sudarshan Sukhani. Bare send oss ​​beskjed innen 7 dager, og hele abonnementsbeløpet vil bli refundert. Selv senere hvis du tenker deg, vil du motta en tilbakebetalt tilbakebetaling for resten av abonnementsperioden. Nifty Index: Samlet markedsutsikt Hvert aspekt av Nifty Index er analysert på daglige diagrammer, og noen ganger på ukentlige diagrammer. Ukentlig visning analyseres for å identifisere langsiktig trend. Analyse inkluderer kortsiktig, mellomliggende og primær trend for indeksen sammen med dens støtte og motstand. Visninger er gitt for indekshandlere. Anbefalinger er gitt for kortsiktig og posisjonshandel med inngangsnivå og stoppfall. Nyhetsbrevet inneholder også samlet markedsvisning og annoterte diagrammer av Nifty, Bank Nifty og CNX IT. Det dekker også sektorer på aksjemarkedet som overgår, underperformerer og kan gjennomgå en ledelsesendring. Precious Metals, Valuta, World Markets, blir også periodisk vurdert som relevant. TEKNISK ANALYSE: BEGREPPSSTRATEGIER Teknisk analyse Begreper relevante strategier forklares fra tid til annen ved hjelp av diagrammer. Kontanter og futures: Ideer Nyhetsbrevet inneholder aksjer som sannsynligvis vil gjøre trendendringer på kort sikt. De fleste ideene vil forklare de tekniske indikasjonene bak det samme. De fleste av dem kan også inneholde stopptap, samt beskrive vilkårene for hvilken handel skal eller ikke skal tas. Nifty, bank Nifty og CNX IT strategier for swing trader Nyhetsbrevet vil også inkludere Nifty Options og Bank Nifty Options strategier for kort sikt, samt for Inntektsbygging. Det vil også dele ideer i gull, sølv valutaer når og når attraktive muligheter dukker opp. Den typiske holdingsperioden til våre kortsiktige ideer er i gjennomsnitt 2 til 3 dager (noen ganger mindre i hakkede markedsmiljøer). Ofte er det gitt langsiktige ideer som har en holdingsperiode på minimum 5 dager opp til mange uker. Alle nevnte ideer spores regelmessig. Ansvarsfraskrivelse: SMS varsler er en gratis tjeneste som tilbys av poweryourtrade til sine abonnenter. Disse SMSene sendes hver dag i sanntid, men mottak av dem på tid avhenger helt av operatøren. Vi jobber med operatørene for å sikre rask og forbedret service for SMS-levering. I mellomtiden ber vi deg om å sjekke nettstedet for oppdateringer, der vi garanterer rask og rettidig informasjon. 21 februar 2017 Nifty lukker over 8900 indeksen beholdt sin opptrend for andre påfølgende sesjon tirsdag, ledet av NBFC og PVT banker kort sikt trend er opp bankindeksen er trading nær sin levetid høyder holde lenge med en stram stoppe Kortsiktige trenden er Nå oppe i BANK NIFTY. Vi er lange i indeksen. Se etter kjøp i PVT BANKER bare. Vi vil også diskutere BHARATFORG og HDFC-aksjer med handel. For hver av disse aksjene analyserer vi deres tekniske bilde identifisere handler med stopp tap og mål. Vi vil diskutere et konsept for handel i et flott marked i vårt siste segment vurderinger. Aktier av Reliance Industries zoomet over 10 prosent i handel onsdag, en dag etter at selskapets formann Mukesh Ambani avslørte nye tariffplaner for sin telecom arm Reliance Jio. Onsdag 22. februar 2017 13:45:20 0530 Om hvordan USAs president Donald Trumps proteksjonistiske politikk kan påvirke IT - og pharma-aksjene, sa Rahul Ajmera, administrerende direktør, US Office, IIFL Institutional Equities, at Trump har vært på kontoret for bare fire uker og Det er for tidlig å spekulere. Onsdag, 22. februar 2017 12:52:23 0530 Markedet fortsetter å tømme oppe med støtte fra innenlandske fondstrømmer, men Saurabh Mukherjea av Ambit Capital er omhyggelig med tanke på den synlige underliggende makrosvakten. Ons, 22 feb 2017 10:53:07 0530 Globale markeder har vært attraktive og støttende. Hovedsakelig, også anekdotisk, som harde tall tyder på at flere økonomiske besparelser har blitt utnyttet til egenkapital gjennom fondet og ulike ruter, som driver markedet på dette tidspunktet, sa Dipan Mehta. Tue, 21 Feb 2017 19:02:45 0530 Jyotivardhan Jaipuria Grunnlegger og administrerende direktør, Veda Investment Managers, har India underprestert de fremvoksende markedene og forventer at markedene vil gjennomgå en 5-7 prosent korreksjon. Tue, 21 Feb 2017 16:38:04 0530 Jim Walker of Asianomics er bekymret for de stigende forbrukerprisene og hvordan de kan påvirke markedet. Etter hvert som forbrukerprisene plukker opp, vil de politiske beslutningstakere, vil han bli tvunget til å stramme politikken mens økonomisk vekst stiger. Tue, 21 Feb 2017 13:48:29 0530 Den 50-delige Nifty har hatt en fenomenal rally de siste åtte uker, men Gautam Shah, teknisk direktør Technical Analyst på JM Financial føler markedene nå er i et stort inflekteringspunkt. Han ser liten mulighet for at indeksene trykker på livstid i dagens løp. Tue, 21 Feb 2017 11:55:46 0530 Tata Consultancy Services annonserte tilbakekjøp er en veldig god start for IT-sektoren å returnere overskuddskvittering til investorene, samtidig som det øker avkastningen på inntekter, sier Nilesh Shah av Envision Capital. Tue, 21 Feb 2017 11:38:36 0530 Selv om optimismen rundt India er ganske høy, går utenlandske investorer forsiktig og velger å vente på fjerde kvartal inntjening før de tar investeringssamtaler, sier GV Giri, forskningsansvarlig ved IIFL Institutional Equities snakker til CNBC-TV18 fra sidelinjen til 2-dagers IIFL Enterprising India Conference. Tue, 21 Feb 2017 09:34:25 0530 Med tanke på CNBC-TV18, sa markedsekspert Ashwani Gujral at Nifty bare er 100 poeng unna sin tidligere høye, som den bør krysse inn når Bank Nifty opprettholder over sine tidligere høyder, Det er bare et spørsmål om tid som Nifty følger etter. Måned, 20. februar 2017 16:33:22 0530 Med tanke på Trumps politikk kan det øke veksten og følgelig etterspørselen etter IT-tjenester i USA, ville det gjøre det bra for indiske IT-selskaper å begynne å produsere noen av deres tjenester der og spruce opp lokalt å ansette , sier John Praveen, Chief Investment Strategist ved Pramerica International Investment Advisors. Måned, 20 Feb 2017 13:19:24 0530 Bharat Financial har et sterkt nettverk over landsbygdsmarkedet i India, og det vil bli en vinn-vinn hvis en bank som IndusInd er i stand til å skaffe seg det, sier Digant Haria, Antique Stock Broking. Måned, 20 Feb 2017 12:04:48 0530 Selv om sektoren har vært en rang underperformer i det siste, er indiske telekomsaksjer meget attraktive fra et treårig perspektiv, ifølge S Naren, administrerende direktør i Chief Investment Officer ved ICICI Prudential. Måned, 20 Feb 2017 10:36:10 0530 Watch Investor Camp, holdt i Mumbai, hvor SP Tulsian of Sptulsian delte sine avlesninger og utsikter på markedet og hva som ligger foran. Lør, 18 Feb 2017 13:47:55 0530 Selv om han legger til at investorer har nært å følge Narendra Modi etter at han besluttet å forby høy valuta for valuta i fjor. Så, noen BJP gevinst eller tap med en enorm margin er sannsynlig å påvirke markedet, legger han til. Fre, 17 feb 2017 20:06:33 0530 Det offentlige spørsmålet består av salg av fersk utstedelse av inntil 1 crore equity aksjer i selskapet. Dette virker ut til 39 prosent av den totale beholdningen, utkast til rødt sildprospekt (DRHP) arkivert med Sebi viste. Ons, 22. februar 2017 13:02:04 0530 IPO består av fersk utstedelse av aksjer verdt Rs 450 crore og et tilbud på salg av 1,27 crore scrips av aksjonærer, ifølge utkast til rødt sildprospekt. Tirsdag, 14. februar 2017 14:18:03 0530 Selskapet forventer at notering av aksjeandeler vil øke vår synlighet og merkevarebilde og gi likviditet til våre aksjonærer. Notering vil også gi et offentlig marked for aksjene i India, sier Eris i utkastet til dokumenter. Fre, 10 feb 2017 12:40:04 0530 fre, 10 feb 2017 12:39:43 0530 ons, 08 feb 2017 17:11:44 0530 Selskapet hadde sendt sitt utkast til rødt sildprospekt (DRHP) med Sebi i september. Regulatoren den 3. februar utgav sine endelige observasjoner om utkastene til tilbudsdokumenter, noe som er nødvendig for at et selskap skal lansere et offentlig tilbud. Tue, 07 Feb 2017 09:42:09 0530 Det var spektakulært resultat av BSE-aksjene (tidligere Bombay Stock Exchange) på fredag. Aksjene oppgjorde Rs 1 069,20 på National Børs, opp 32,65 prosent over emisjonskursen på Rs 806. Fr 03 feb 2017 17:37:35 0530 På fredag ​​er BSE offisielt notert på National Børs. Men for 23 år siden ble lanseringen av NSE ikke akkurat godt mottatt av Asias eldste utveksling. Fre, 03 Feb 2017 14:05:34 0530 BSE-leder Sudhakar Rao fortalte Moneycontrol at fokuset ville være på å levere på løfter til investorer etter at aksjen hadde en fantastisk debut på NSE. Fre, 03 Feb 2017 11:59:26 0530 BSE har i løpet av de siste fem årene vokst sitt driftsinntekter gradvis selv midt i store forretningsreorganisasjoner, sier MDs adm. Direktør Ashishkumar Chauhan i et intervjuintervju med CNBC-TV18 . Fre, 03 Feb 2017 11:43:58 0530 Landets eldste børs BSE Limited notert på Rs 1089 per aksje på National Børs, opp 35 prosent over utstedelseskursen på Rs 806. fre, 03 feb 2017 10:01:42 0530 IPO består av salg av 53.422.169 aksjer av eksisterende aksjonærer, som inkluderer promotorer og promotorgruppen. Torsdag 02 februar 2017 15:02:03 0530 Emnet, som også var det første aksjesalget av en børsnotering, var åpent for budgivning 23. til 25. januar. IPO så robust investor etterspørsel og ble overskrevet 51,22 ganger. Torsdag, 02 Feb 2017 12:58:02 0530 Mandag, 30. januar 2017 08:32:07 0530 IPO mottok bud for 12,80,04,066 aksjer mot den totale utstedelsesstørrelsen på 1,07,99,039 aksjer, data tilgjengelig med NSE til 1330 timer viste. Ons, 25. januar 2017 13:58:03 0530Re: ClosureRelocation av forretningssteder Til, alle forsikringsselskapene, Det er kommet til varsel fra myndigheten om at virksomhetsstedene til forsikringsselskapene blir lukket flyttet uten ordentlig melding til forsikringstakerne som forårsaker dem mye uleilighet. Myndigheten mottar også klager fra de berørte forsikringstakere. 2. Forsikringsselskaper anbefales derfor at beslutningen om å lukke lokasjonene av deres forretningssteder (uavhengig av deres nomenklatur og hvilken type tjeneste som tilbys) skal være etter behørig hensyntagen til alle faktorer, herunder mulige ulemper for kunden. Det er avgjørende at en slik beslutning er hensiktsmessig opplyst til styret for informasjon med årsakene til dette, siden forslaget om åpning av filialkontorene ble opprinnelig godkjent av styret. Tilstrekkelig varsel om minimum 2 måneder på den foreslåtte flyttingen skal gis til forsikringstakere som betjenes av den grenen sammen med de alternative ordninger som blir gjort for å betjene dem. 3. Slike nedleggelser skal også rapporteres til myndigheten innen en måned fra datoen for slik avslutning. 4. Det har også blitt besluttet å standardisere klassifiseringen av forretningssteder vedtatt av ulike forsikringsselskaper og å samle en database over forsikringsselskapets kontorer. For å oppnå dette målet, anbefales forsikringsselskapene å klassifisere deres eksisterende avdelingskontorer i MetroUrban og Rural-grener basert på klassifiseringen som ble gitt av de siste tiårige folketellingene (India-folketellingen). De er ytterligere oppmerksom på at klassifiseringsinformasjonen sammen med postadressen til filialen skal innleveres hos myndigheten i hardsoft-skjemaer senest 28. februar 2007. Mens du søker nye godkjenninger, bør detaljer om foreslåtte steder sammen med klassifiseringen også være møblert. (C. R. Muralidharan) Medlem AVBRYTING AV MAKLISENS LISENS Da Ms. Sapthagiri Insurance Services Pvt. Ltd. (heretter kalt Broker) med sitt registrerte kontor hos D. No. 1-3-2, C19, Penugonda Road, Hindupur -515 201 har fått lisens fra myndigheten til å fungere som en direkte forsikringsmegler, vide lisens nr. 270 den 22. juli 2004 i henhold til bestemmelsene i IRDA Forsikringsmeglere) Reglement, 2002 (heretter referert til som forskriften). Mens deres brev ble datert 03.01.2006, uttrykte megleren sitt ønske om å overgi lisensen og anmodet myndigheten om å tillate dem å overgi den tildelte lisensen. Mens megleren også har forpliktet seg til å betjene de eksisterende klientene hvis politikk er i kraft i en periode på seks måneder som kreves i henhold til forordning 40 i nevnte forskrifter. Mens megleren vet sitt brev datert 08.11.2006, sendte den opprinnelige lisensen nr.270 for kansellering. Nå, i henhold til forespørselen fra megleren om frivillig overgivelse av direkte meglerelisensen, kansellerer myndigheten hermed Lisensnummeret til direkte forsikringsmegler nr. 270 til Sapthagiri Insurance Services Ltd. Følgelig slutter megleren å fortsette Forsikringsmeglerens virksomhet. Dette utstedes med den tidligere godkjenningen fra den kompetente myndighet. (Suresh Mathur) Felles direktør Re. Rapport fra G K Raman-kommittén for meglere og meglerrelaterte problemer 225 meglerforetak har operert i markedet. Meklerne har fungert i over 3 år nå, og myndigheten anså det ønskelig å utgjøre en ekspertkomité for å revidere forskriftene om lisensiering av meglere i lys av IRDAs erfaringer de siste tre årene og for å gjøre slike anbefalinger som vurdert som er nødvendig for å styrke makelagers rolle, spesielt i sammenheng med de-tariffering av skadeforsikring som foreslås av myndigheten. Følgelig var en komité sammensatt av Shri G. Kamanaman, styreleder, Royal Sundaram Alliance Insurance Company Ltd. som komiteens leder med medlemmer trukket fra bransjen. Komiteen har lagt fram sin rapport 14. november 2006. Rapporten er lagt inn på IRDAs nettside på irdaindia. org. Tilsynsmyndigheten vil gjerne motta kommentarobservasjoner på Raman-komiteens rapport. Du blir bedt om å sende dine synspunkter enten via e-post: (mmsiddiquiirdaonline. org) eller ved post til myndigheten til følgende adresse, MM Siddiqui, Konsulent Spesialbehandler, Forsikringsmyndighet for regulering og utvikling, 3. etasje, Basheer Bagh, Hyderbad - 500004 Myndigheten vil motta forslagene innen 31. januar 2007. - Sd - (CSRao) Styreleder 6. desember 2006. IRDA-sirkulær nr. 033 IRDA Brok-Comm DEC-06 6. desember 2006 Re: Grenser for betaling av provisjon eller megling i forsikringsvirksomhet På grunn av kraften i myndigheten under § 14 i lov om forsikringstilsyn og utviklingsmyndighet, 1999 og i henhold til bestemmelsene i § 40, stk. 1, § 40A, stk. 3 og § 42E i forsikringsloven, 1938, pålegger myndigheten herved at andelen av premie som kan betales i form av provisjon eller megling i en generell forsikring, skal ikke overstige premieinnskuddene som er angitt nedenfor. Ingen megling kan betales med hensyn til en forsikring der byråsavgift skal betales, og likevel kan ingen byråkommisjon betales med hensyn til en forsikring der megler skal betales. Virksomhetsgruppe Maksimal prosentandel av premie betales som agenturkommisjon eller megling 1. Brann, Engineering forsikringer ii. Bedriftskunder (inkludert PSUer) hvis innbetalt kapital er: a) Upto Rs.15 crores b) Mellom Rs.15 crs 25 crs c) Over Rs.25 crores iii. Risikoer som kvalifiserer som store farer i henhold til paragraf 19 (v) i retningslinjene for bruk av filbruk 2. Bilforsikringsvirksomhet (annet enn tredjepart), WC EL og lovfestet PL Business 3. Marine Hull forsikring 4. Marine Cargo virksomhet - Ingen provisjon skal betales på motorkredittforsikring For bevisbevis for innbetalt kapital må en kopi av det siste balansen som er offentliggjort i henhold til selskapslovens krav i 1956 være akseptabelt. I tilfelle en balanse som er 2 år før det relevante året for forsikringsår, skal det utstedes en revisorsattest. I tilfelle av enmansvirksomhet og partnerskap skal et sertifikat fra en Chartered Accountant til klienten aksepteres. For filialer i India av et utenlandsk selskap bør det henvises til selskapets opptjente kapital i landet der den er innlemmet, og konverterer den til indiske rupees til dagens valutakurs på forsikringsdagen. Ingen betaling av noe slag , inkludert administrasjons - eller servicekostnader, er tillatt å bli gjort til agenten eller megleren med hensyn til virksomheten for hvilken han er betalt byråprovisjon eller megling. Denne retningen erstatter alle eksisterende retninger om emnet og skal tre i kraft når det gjelder forsikringer eller fornyelser som begynner 1. januar 2007 eller senere. (CS Rao) Formann Regulering av priser, vilkår og betingelser for allmennforsikringsvirksomhet Til, alle generelle forsikringsselskaper, The Tariff Advisory Committee vide sin sirkulære ref. TAC706 datert 4. desember 2006 har vedtatt at satsene, vilkårene og forskriftene som gjelder for brann-, ingeniør-, motor - og arbeidskompensasjon og andre typer virksomheter som for tiden er under takst, skal trekkes tilbake fra 1. januar 2007. På grunn av kraften i Overvåkningsorganet i henhold til IRDA-lovens § 14 (2) (i), 1999, er herved underrettet om at tariffens generelle bestemmelser (unntatt de som gjelder vurdering), vilkår, betingelser, klausuler, garantier, retningslinjer og påtegninger som gjelder for Ovennevnte forretningsklasser samt Marine Hull forsikringsvirksomhet skal fortsatt følges til videre ordrer. Premieprisene kan varieres med forbehold for overholdelse av retningslinjene for fil og bruk av generelle forsikringsprodukter som ble meldt 28. september 06. Premieavgiftene som gjelder for forsikringsvirksomheten til motpartsvirksomhet skal være som angitt i vedlegg I. Forsikringsselskaper er oppmerksom på å være oppmerksom på bekymringene uttrykt av kjøretøy eiere om både priser og tilgjengelighet av forsikring. Med tanke på den obligatoriske naturen mot tredjepartsforsikring, anbefales forsikringsselskapene å sørge for at Tredjepartsforsikring er tilgjengelig i alle sine tegningsforretninger, og at forespørsler om forsikring behandles fortløpende og politikk utstedes fortløpende. Overvåkningsorganet behandler enhver klage om manglende tilgjengelighet av forsikring eller bruk av metoder for å avhjelpe klienten som søker forsikring, seriøst. For alle typer virksomheter der de aktuelle prisene er regulert av tariffen, er forsikringsselskapene ikke lov til å kansellere gjeldende forsikringspolicyer og utstede nye retningslinjer som dekker de samme egenskapene eller interessene for å endre premieprisene som tilbys til klient. Den forsikrede er fri til å kansellere sin forsikring når som helst i henhold til de relevante policyforholdene. I så fall skal premie til kortsiktig rente som gjeldende belastes for risikoen. Forsikringsselskapene anbefales å sørge for at riktige garantibestemmelser opprettholdes selv etter at tariffer er trukket tilbake. (C. S. Rao) Styreformann i henhold til forsikringslovens § 34, Til alle generelle forsikringsselskaper, Sub. Motorforsikring fra tredjepart Mens det er mottatt flere klager vedrørende manglende tilgjengeligheten til motorkøretøysforsikring, spesielt for kjøretøyer. Og forsikringsselskaper har uttrykt vanskeligheter med å underkaste denne virksomheten, med mindre de har lov til å belaste premiepriser som de anser hensiktsmessige. Og med tanke på Obligatorisk karakter av tredjepartsforsikringsvirksomhet for motorer er det nødvendig for myndigheten å overvåke satser, vilkår og betingelser for dekning for tiden. Og det er i offentlig interesse å sikre at alle forsikringsselskaper registrert for å drive forsikringsvirksomhet, inkludert bilforsikring Virksomheten deltar aktivt i å yte slike dekning til kjøretøyeiere til satser som meldt av myndigheten fra tid til annen. Nå har myndigheten etter konsultasjon med komiteen opprettet i henhold til forsikringslovens § 110 G, herved at alle generelle forsikringsselskaper registrert for å bære på forsikringsvirksomhet (herunder motorforsikringsvirksomhet) eller generell gjenforsikringsvirksomhet skal i fellesskap delta i en Pooling-ordning for å dele i all tredjepartsforsikringsvirksomhet som er tegnet av noen av de registrerte generelle forsikringsselskapene i samsvar med følgende bestemmelser: 1. Deltakelse i pooling arrangement: Hvert forsikringsselskap Registrert for å drive forsikringsvirksomhet (herunder motorforsikringsvirksomhet) eller generell gjenforsikringsvirksomhet skal automatisk delta i bassengarbeidet i den utstrekning som er angitt her. 2. Forsikringsselskaper: Alle forsikringsselskaper som har tillatelse til å tegne forsikringsvirksomhet for forsikringsselskapet, skal også ha fullmakt til å tegne motpartsforsikringsvirksomhet som deles mellom alle forsikringsselskapene gjennom poolingsordningen. 3. Pooling mechanism: The pooling of business among all insurers will be achieved through a multi-lateral reinsurance arrangement between the underwriting insurer and all the other registered insurers carrying on general insurance business (including motor insurance business) and general insurance reinsurers. 4. Participation in motor third party insurance pooled business: The participation of General Insurance Corporation of India (GIC) in the Pooled business shall be such percentage of the motor business that is ceded to it by all insurers as statutory reinsurance cessions under Sec 101A of the Insurance Act. The business remaining after such cession to GIC shall be shared among all the registered general insurers writing motor insurance business in proportion to the gross direct general insurance premium in all classes of general insurance underwritten by them in that financial year. 5. Underwriting of business: Underwriting offices of insurers shall follow the underwriting instructions of the General Insurance Council in the matter of procedures for underwriting and documentation and accounting and settlement of balances. The business shall be underwritten at rates and terms and conditions of cover as notified by the Authority from time to time. No vehicle owner shall be denied third party insurance cover in respect of his vehicle which is holding a valid permit for use on public roads except on grounds of attempted fraud. 6. Claims processing and settlement: All claims in respect of third party death or injury or physical damage shall be processed for settlement in a speedy and efficient manner in accordance with the instructions of the General Insurance Council. For this purpose, the Council shall adopt a pro-active claims settlement policy adopting the most efficient claims processing practices possible. 7. Administration of the Pooling arrangement: The GIC shall act as the administrator of the pooling arrangement. It will act under the guidance of the General Insurance Council. For this purpose, the Council may establish such Committees of insurers as are necessary to operate the Pooling arrangement and process and settle claims in the most efficient manner. 8. Remuneration: There will be no agency commission or brokerage payable in respect of motor third party insurance business. The underwriting insurer will be paid a reinsurance commission of 10 on the premium ceded by it to all the other insurers and reinsurers. The GIC as administrator shall be paid a fee of 2.5 of the total premium on motor third party insurance business in respect of the business underwritten for the pooled account. Each insurer shall bear the cost of hardware required to operate the pooling arrangement within its offices. The GIC will bear the cost of hardware necessary to administer the pooling arrangement in its offices. The cost of the operating software for the pooling arrangement shall be shared by all the insurers and reinsurers in the manner decided by the General Insurance Council. Each insurer shall bear the cost of travel of its executives to attend to the work relating to the pooling arrangement. However, any travel specifically to service a claim shall be recoverable as claims related expenses. 9. Agreement: The insurers and GIC shall enter into a multi-lateral reinsurance arrangement to give effect to this pooling scheme. 10. Review: The Authority will review the operation of the pooling arrangement and the need for regulation of the premium rates and terms of cover and will issue such directions from time to time as may be considered necessary. (C. S. Rao) Chairman Re: Guidelines on Anti Money Laundering programme for Insurers To, All the Insurers, Dear SirMadam, Further to our circular no. Circular No. 019IRDALIFE SEP-06 dated September 26, 2006 on Guidelines on Anti-Money Laundering Programme for Insurers, we advise that the constraints faced by the insurance industry in complying with the requirement of obtaining a recent photograph of the individuals for all new contracts were apprised to FIU-IND as indicated in para 2 of the referred circular. We are in receipt of a communication from FIU-IND wherein they have indicated that, it is fully justified to obtain a recent photograph from an individual client in view of the objective of the PMLA. In view of the stand taken by FIU-IND, all the insurers are required to comply with the requirement of Rule 9 of the PMLA rules in the implementation of the guidelines. Yours faithfully, (C. R. Muralidharan) Member 10th November 2006. 10th November 2006 INDIAN INSTITUTE OF INSURANCE SURVEYORS AND LOSS ASSESSORS Regd. Off: Parishram Bhavan 5 th Floor, Basheer Bagh, Hyderabad - 500004. Tel: 040- 66626466 67 e-mail: iiislairdaonline. org NOTICE RE: LIST (2) OF APPLICATIONS RECEIVED BY IIISLA OTHER THAN THOSE MENTIONED IN LIST 1 The Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), hereinafter called the Institute, along with the Insurance Regulatory and Development Authority, had called for applications to the membership of the Institute vide its notices dated 26th November, 2005 and 10 th11 th January, 2006. The last date stipulated for receipt of applications for membership to the Institute with eligibility to contest vote for elections to the first council of the Institute was 28 th February, 2006. The Institute, however, has been receiving applications beyond 28.02.2006. The list(2) of such applications received and processed up to 31.05.2006 is attached. While the applications have been processed, the Institute hereby clarifies that these applications have not been considered for membership for the present. The list of applications processed after 31.05.2006 shall be put up separately at a later date. FOR IIISLA (Yegnapriya Bharath) Authorised signatory Hyderabad Date: November 10, 2006 INDIAN INSTITUTE OF INSURANCE SURVEYORS AND LOSS ASSESSORS Regd. Off: Parishram Bhavan 5 th Floor, Basheer Bagh, Hyderabad - 500004. Tel: 040- 66626466 67 e-mail: iiislairdaonline. org NOTICE RE: LIST (1) OF APPLICANTS ADMITTED AS MEMBERS TO THE INDIAN INSTITUTE OF INSURANCE SURVEYORS AND LOSS ASSESSORS The Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), hereinafter called the Institute, along with the Insurance Regulatory and Development Authority, had called for applications to the membership of the Institute vide its notices dated 26 th November, 2005 and 10 th11 th January, 2006. The last date stipulated for receipt of applications for membership to the Institute with eligibility to contest vote for elections to the first council of the Institute was 28 th February, 2006. The Institute is pleased to publish the list (1) of 4340applicants approved and admitted as its Members for the aforementioned purpose. The list (2) of members whose applications are processed but are not considered for membership for the present, is also given separately. It is hereby informed that categorization of applicants as Fellow and Associate members is based on the declaration of applicants as regards their eligibility for Fellowship and Associateship respectively laid down by the Institute. While separate membership letters shall be mailed to the members, this may be treated as an initial acknowledgement. If there are any errorsomissions in the names andor address details, please do revert to us within 15 days of publication of this notice, to enable us to carry out the necessary corrections. FOR IIISLA (Yegnapriya Bharath) Authorised signatory Hyderabad Date: November 10, 2006 Re: Designating additional Public Information Officer under Right to Information Act, 2005 A reference in invited to office order No. ADMORD48Oct-05 dated October 24, 2005 designating Central Public Information Officer and Appellate Authority under Right to Information Act, 2005. The following officials are hereby designated as Public Information Officer for the Authority and in terms of Section 19 (1) of the said Act, to discharge the functions assigned under the Act. Name of the Official Department 1. Mr Prabodh Chander, ED - Non-Life, Hindi and Legal 2. Mr. K Subrahmanyam, ED - Actuarial 3. Mr. P C James, ED - Inspection and Health Insurance 4. Mr. M M Siddiqui. CSO - Intermediaries 5. Mr. Kunnel Prem. CSO - Life Insurance 6. Mrs. Vedakumari. ED - ATI, Corporate Agency and any other residuary matters This will be in addition to their normal duties. sd. (C. S. Rao) Chairman CC: All Members DG R D All Executive Directors All CSOs All JDs All the above individual officers Notice Board DD-IT for placing on Intranet This is to inform that the IRDA has constituted an Expert Committee to review the Regulations governing the licensing of brokers. The Committee has been constituted in the light of the experience of the IRDA during the past three years and for making such recommendations as considered necessary to strengthen the role of brokers. The Committee comprises: Shri G. K. Raman, Chairman, Shri G. V. Rao, Shri B. Chakrabarti, Shri S. V. Samant and Shri M. Ramadoss as Members. A copy of the office order constituting the Committee along with the terms of reference is available at the following link: The Committee is keen to have the benefit of the adviceviews of the various stakeholders. We shall be glad to have the views in the form of a written presentation, which may be sent to the Committee through Post Email to the attention of the undersigned. The Email IDs of the undersigned, Chairman and Members of the Committee are given below: The Committee would also be happy to have personal discussions for about half an hour to 45 minutes where the Chairman and the Members shall be present. We propose to have a meeting at New Delhi on 19th of October 2006 at the following venue. 19th October, 2006 Arcot Room Taj Connemara, Binny Road Chennai - 600 002 Please send us a communication if you wish to participate in the personal discussions. (M. M.Siddiqui) Consultant Special Officer (Convener of the Committee) Re: Guidelines on Anti Money Laundering programme for Insurers CEOs of All the Life Insurance CompaniesLife Insurance Council Further to our circular no. 043IRDALIFEAMLMAR-06 dt. 310306, and No. 013IRDALIFE JUL-06 dt. 27th July 2006 on Guidelines on Anti-Money Laundering Programme for Insurers. The following clarificationsrelaxations are being issued in response to the concerns raised by the insurers. 1. Documentation for identity and proof of residence: Doubts have been raised by insurers regarding the documents to be collected as valid identityresidence proof apart from what has been given in Annexure I to the guidelines. It is clarified that the list of documents provided in Annexure I of the guidelines for establishment of identity and residence proof may be deemed as illustrative. However while providing this flexibility to insurers on satisfactory documentation for this purpose the Authority would reiterate that there should be no dilution of the requirement. Documents which are easily obtained in any name like birth certificates, an identity card issued by the employer of the applicant even if bearing a photograph, credit cards, business cards, driving licenses (not bearing a photograph), provisional driving licenses and student union card should not be accepted mechanically and adequate safeguards should be in place to satisfy its acceptance. In other words, any other document that is accepted by the insurer to establish the identity and proof of residence as required under Rule 9 of the PMLA rules should be such that it would satisfy competent authorities (regulatoryenforcement authorities), if need be at a future date, that due diligence was in fact observed by the insurer in compliance with the guidelines and the Act. 2. Requirement of recent photograph address proof under PMLA Rules: a. We observe that documentation of permanent address and current address is mandatory for all the new contracts as required by Rule 9 of the PMLA rules. With the enlargement of the list of documents for establishment of identity as at para 2 above, the obtaining of appropriate documents for establishing the proof of residence would not be a major constraint and insurance companies are advised to comply fully with this statutory requirement in all cases. b. There were requests to do away with the mandatory collection of the photograph in case of individual clients as required under Rule 9 of the PMLA Rules 2005. The issue was represented to FIU-IND for which they have clarified that the requirement of submitting a copy of the recent photograph by an individual client is justified and cannot be relaxed. Mandatory requirement of a recent photograph of the client would be taken up again with FIU-IND in view of the representation received from the industry. In the interim, insurers are advised to comply with the PMLA Rules until the issues are resolved by FIU-IND. 3. We have examined other suggestionsrequests received from Life Insurance Companies and advise that the other requirements listed in the circular dated 31st March 2006 should remain unchanged. Insurers are advised to take note of the above modifications and ensure compliance with the framework in entirety. Yours faithfully, (C. R. Muralidharan) Member Constitution of Committee to review Broker Regulations This is to inform that the IRDA has constituted an Expert Committee to review the Regulations governing the licensing of brokers. The Committee has been constituted in the light of the experience of the IRDA during the past three years and for making such recommendations as considered necessary to strengthen the role of brokers. The Committee comprises: Sri G. K. Raman, Chairman, Sri G. V. Rao, Sri B. Chakrabarti, Sri S. V. Samanth and Sri M. Ramadoss as Members. A copy of the office order constituting the Committee along with the terms of reference is available at the following link: The Committee is keen to have the benefit of the adviceviews of the various stakeholders. We shall be glad to have the views in the form of a written presentation which may be sent to the Committee through Post Email to the attention of the undersigned. The Email IDs of the undersigned, Chairman and Members of the Committee are given below: The Committee would also be happy to have personal discussions for about half an hour to 45 minutes where the Chairman and the Members shall be present. We propose to have a meeting at New Delhi on 5th and 6th of October 2006 at the following venue. Hotel Intercontinental, The Grand, Quorum No.2, Barakhamba Avenue, Connaught Place, New Delhi - 110 001, Ph. No.44447777 We also propose to hold meetings in the other metros, the details of which shall be put up on this website. Please send us a communication if you wish to participate in the personal discussions. (M. M.Siddiqui) Consultant Special Officer (Convener of the Committee) 5th September 2006. 5th September 2006 On account of the immersion of Lord Ganeshas idols in the twin cities of Hyderabad and Secunderabad on Wednesday the 6th September 2006, the office of the Authority at Hyderabad would remain closed that day. This issues with the approval of the Chairman. (A. Krishnan) Deputy Director (Admn.) Constitution of Committee to review Broker Regulations This is to inform that the IRDA has constituted an Expert Committee to review the Regulations governing the licensing of brokers. The Committee has been constituted in the light of the experience of the IRDA during the past three years and for making such recommendations as considered necessary to strengthen the role of brokers. The Committee comprises: Sri G. K. Raman, Chairman, Sri G. V. Rao, Sri B. Chakrabarti, Sri S. V. Samanth and Sri M. Ramadoss as Members. A copy of the office order constituting the Committee along with the terms of reference is available at the following link: The Committee is keen to have the benefit of the adviceviews of the various stakeholders. We shall be glad to have the views in the form of a written presentation which may be sent to the Committee through Post Email to the attention of the undersigned. The Email IDs of the undersigned, Chairman and Members of the Committee are given below: The Committee would also be happy to have personal discussions for about half an hour to 45 minutes where the Chairman and the Members shall be present. We propose to have a meeting at Kolkata on 26-8-06 at the following venue. Board Room, Hotel Hindustan International, 2351, A. J.C, Bose Road. Kolkata - 700 020, Tel. No.22802323 We also propose to hold meetings in the other metros, the details of which shall be put up on this website. Please send us a communication if you wish to participate in the personal discussions. (M. M.Siddiqui) Consultant Special Officer (Convener of the Committee) 9th August 2006. 9th August 2006 IRDAGIDetariff06 - Draft revised File Use Guidelines for General Insurance Products Enclosed is the draft outlining the revised file use guidelines for compliance by General Insurers. It outlines the various steps to be taken by the insurers in the proposed de-tariffied regime to ensure that the products developed by them comply with the File Use guidelines. If there are any suggestions regarding any of the matters contained in the draft guidelines you may write to us before 25th August 2006 so that it may be duly considered and appropriate modifications, if any, made. (PC James) Executive Director 7th August 2006. 7th August 2006 Updated list of Accredited (Off Line On Line) Agents Training Institutes These are divided into four zones. Circular No. 013IRDALIFE JUL-06 Re: Guidelines on Anti Money Laundering programme for Insurers All the Insurers, Further to our circular no. 043IRDALIFEAMLMAR-06 dt. 310306, Guidelines on Anti-Money Laundering Programme for Insurers. The following clarificationsrelaxations are being issued in response to the doubtsqueries raised by the insurers. 1. Application of AML guidelines to existing customers: In view of the practical hardships on account of retrospective application of AML guidelines from 1st April 2004, and in order to reduce the burden for carrying out KYC exercise for the very large number of existing customers, compliance of KYC norms on existing customers should be carried out by you with effect from 1st January 2006 . The compliance requirements are also further limited to the policies coming into force on or after 1st January 2006 and those covered under detailed due diligence procedures vide para 3.1.1 (ii), 3.1.3 and 3.1.5 of the circular. The AML requirements may not be applied to the remaining existing customers . i. e, those below the threshold premium of Rs. 1 lakh per annum. 2. Documentation for identity and proof of residence: a. All insurance customers would need to give identity of their name, through any of the documents listed in Annexure I of the guidelines (split into identityproof of residence requirements). If the document of identity also gives the proof of residence, no further documentation would be necessary in cases where proof of residence needs to be obtained. In other cases, the companies may verify their current residential detail as given in the guidelines. b. The following documentary evidences could also be treated as valid proofs of identity and residence besides the documents mentioned in Annexure I of the guidelines: i. Written confirmation from the banks where the prospect is a customer, regarding identification and proof of residence. ii. Personal identification and certification of the employees of the insurer for identity of the prospective policyholder. iii. Valid lease agreement along with rent receipt, which is not more than 3 months old as a residence proof. iv. Employers certificate as a proof of residence. (Certificates of employers who have in place systematic procedures for recruitment along with maintenance of mandatory records of its employees are generally reliable). c. The following documentary evidences under Annexure I of the guidelines are valid proofs only under the specified condition: i. Bank account statement includes any bank account opened by the customer wherein his permanentpresent residence address is available. However, the statement should not be older than six months as on the date of acceptance. ii. Telephone bill pertaining to any kind of telephone connection like, mobile, landline, wireless etc is a valid proof of residence, provided it is not older than six months from the date of insurance contract. 3. In these guidelines unless the context otherwise requires - a. Public Authority is as defined under Section 2(h) of the Right to Information Act, 2005. (persmin. nic. inRTIWebActRTI. htm) b. Public Servant is as defined in Section 2(c) of the The Prevention of Corruption Act, 1988. (indialawinfobareactsprevca. htmlToc509302969) c. Politically Exposed Persons is as defined in the KYC norms issued by Reserve Bank of India (rbi. org. inscriptsNotificationUser. aspxMode0Id2039) The other requirements listed in the circular dated 31st March 2006 remain unchanged. Insurers are advised to take note of the above modifications and ensure compliance with the framework in entirety. (C R MURALIDHARAN) Member SUB :WORKING GROUP ON IRDA INVESTMENT REGULATIONS The IRDA (Investment) Regulations, 2000 were after its notification was subsequently modified partially in the year 2004. The KPN Committee on amendments to Insurance Act, 1938 have also recommended a re-look at the statutory provisions on the pattern of Investments prescribed for Insurers and have suggested amendments that would provide flexibility to the Authority in the manner of Regulation on Investments of Insurance Companies. With the expansion of the financial sector and introduction of new financial instruments requests for investment in such instruments and derivatives need to be examined for developing appropriate regulatory framework. IRDA has therefore decided to form a Working Group to examine the existing Investment Regulations and to review comprehensively the current statutory prescriptions and pattern of Investments for Insurance Companies and suggest changes considered necessary in the light of experience gained developments in Financial Markets and the genuine constraints faced by Insurance Companies. Further, it will look into the structure of the prescribed Returns and suggest modifications as may be considered necessary. The Working Group would be chaired by Shri C R Muralidharan, Member and will comprise of the following as its members. Shri G Mahalingam Chief General Manager (IDMD) Reserve Bank of India Shri Subhoban Sarkar Executive Director (Investments) Shri N S Kannan ICICI Prudential Life Insurance Company Shri G Muralidhar Chief Financial Officer Kotak Mahindra Life Insurance Company Shri Anuj Mathur Aviva Life Insurance Company Shri N V Murali United India Insurance Company Shri S S Gopalarathnam Chief Operating Officer Cholamandalam MS General Insurance Company Shri Viraj Londa M P Chitale Company Chartered Accountants (C R MURALIDHARAN) Member The IRDA and the Indian Institute of Insurance Surveyors and Loss Assessors (the Institute) had invited applications for membership of the Institute. We are glad to inform that we have received a good response of around 5000 applications for membership of the Institute. The processing of the applications is on. No sooner it is complete, than the list containing the exact number and other details shall be hosted on this website for information of all concerned. This will be followed by individual communications to the applicants. ( M. M. SIDDIQUI) CONSULTANT SPECIAL OFFICER Expression of Interest Re. Expression of Interest TAC has collected data from the general insurance companies on motor health insurance for the years 2003-04 and 2004-05. The statistics thus collected need to be analysed from actuarial and rate making point of view which could be useful in the ensuing detariffed regime. Before a final analysis is contemplated, it becomes necessary that a preliminary exercise need to be conducted on the collected data so as to assess the usefulness of the data from the analytics point of view and for rate making purposes. Agency (ies) based on the in-house technical capabilities and with proven experience in the analysis of general insurance data will be short listed as service provider(s) at a later date. This will be based on the preliminary exercise that they will undertake now on the available data. Any agency with proven experience in the analysis of general insurance data may express their interest by approaching IRDA within 21 days from today (26.5.06). For further details contact H. Ananthakrishnan, OSD, IRDA at hananthakrishnanirdaonline. org. (V. Vedakumari) ED(Admn.) Investment In Innovative Perpetual Debt Instruments Of Banks Tier-1 Capital Debt Capital Instruments Of Banks Upper Tier-2 Capital Re. INVESTMENT IN INNOVATIVE PERPETUAL DEBT INSTRUMENTS OF BANKS TIER-1 CAPITAL DEBT CAPITAL INSTRUMENTS OF BANKS UPPER TIER-2 CAPITAL The Reserve Bank of India vide Master Circular DBOD. No. BP. BC.5721.01.0022005-2006 dated 25th Jan, 2006 has allowed banks to raise Capital through issue of Hybrid Instruments as under for augmenting their Capital Adequacy: 1. Innovative Perpetual Debt Instruments for inclusion as Tier 1 Capital 2. Debt Capital Instruments eligible for inclusion as Tier 2 Capital 3. Perpetual Non-Cumulative Preference Shares for inclusion as Tier 1 Capital and 4. Redeemable Cumulative Preference Shares eligible for inclusion as Tier 2 Capital Insurance Companies, in general, have long term liabilities and require Instruments of Investment with matching maturities to optimally manage their assets and liability position. The above Instruments, which are likely to be issued by both Public and Private Sector Banks would have a minimum maturity period of 10 and 15 years, and would provide adequate flexibility to the Insurers in their Asset-Liability Management, with reasonable returns and hence provide Insurance Companies with appropriate Investment opportunity. The Authority had therefore examined the various aspects of these instruments and have decided that the above Instruments may be deemed as a part of Approved Investments for the purpose of Section 27A and 27B of Insurance Act, 1938, under powers vested in Section 27A(s) and 27B(j) of Insurance Act, 1938, subject to the following conditions: 1. The Debt Instrument issued by Banks in Private Sector shall be rated not less than AAA by an independent, reputed and recognized Rating Agency and those issued by Banks in Public Sector shall have rating not less than AA. 2. Preference shares issued by the Banks shall satisfy the conditions specified under section 27A (1) (i) and 27A (1) (j) of Insurance Act, 1938 in the case of Life Insurers and 27B (1) (e) and 27B (1) (f) of Insurance Act, 1938 in the case of Non-Life Insurers. 3. In the case of a Life Insurer, investments in the various Hybrid Instruments shall at all times not exceed 10 of Investment in Approved Category which are subject to Exposure Norms (i. e. 10 of 35 which is 3.5 of Life Fund) and not more than 5 of respective fund size of other than Life Fund, namely Pension General Annuity Funds, Groups excluding Group Pension and Group Annuity Funds and Unit Linked Funds. 4. In the case of Non Life Insurers, all Investments in such Hybrid Instruments shall at any point of time not exceed 10 of Investments under Approved Investments which are subject to Exposure Norms (i. e. 10 of 55 which is 5.5 of Investment Assets) 5. All exposure Norms applicable for Approved Investments shall be applicable for these Hybrid Debt Instruments Preference Shares Issued by the Banks. 6. If the Hybrid Debt Instrument is down graded below AAA, in the case of Private Sector banks and (below AA in the case of Public Sector Banks) such investments shall be re-classified as Other than Approved Investments apart from reporting in FORM 2 of IRDA (Investment) Regulations, 2000. 7. In case the Interest on the Instrument is not serviced on due dates, the Investment in such Hybrid instruments are to be re-classified as Other than Approved Investments from such date for reporting to the Authority through FORM 3A (Part A) or FORM 3B (Part A) of IRDA (Investment) Regulations, 2000 in respect of Life and Non-Life Insurers respectively and all guidelines for Classification, Income Recognition and Valuation of Assets issued by RBI shall be applicable for such Investments. The necessary changes to incorporate the Investments made as per this circular have been given in Guidelines INVGLN0012003-04 (ver.02 - 28042006) and INVGLN0022003-04 (Ver.02 - 28042006) (C R MURALIDHARAN) Memeber Sub: Tendering for Insurance Covers All CEOs of General Insurance Companies It has been reported to IRDA that a practice of calling for tenders for insurance cover required by some clients has developed and that in some of these tender exercises, the insurer is required to pay some amount for buying the tender documents and also to pay an earnest money deposit. It has also been reported that in some cases clients invite bidding through the internet where the portal is kept open for a short window of time and insurers are expected to compete on price. Insurers are reminded that competition should not result in introduction of practices that are not suitable to technically sound transaction of insurance business. Insurance cannot be transacted like sale of a commodity. Proper underwriting requires that the insurer fully understands the requirements of the client and is able to ask for and receive all the information required to support a technically sound rating of the covers required. This is obviously not possible in the sealed tender system or e-bidding system. Besides, limiting competition to price alone is against the interests of the client to whom quotation is offered and since the policyholders fund ultimately is affected by the results of the business, it is generally against policyholders interests. Insurers are therefore, advised to inform any client seeking to use the tender process about the impropriety of that system for insurance business and offer to provide competitive quotations for the covers best suited to the needs of the client after obtaining all the required underwriting information. Insurers should not canvass business through a non-participative process of tendering or e-bidding. The Authority reserves the right to require an insurer to state the process of quoting terms for a particular client and to technically justify the premium quoted for its covers. (C. S. Rao) Chairman Re: IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000Clarifications All Life Insurers, Non Life Insurers and Re-insurer, Queries have been raised by insurers on various matters relating to the manner of computation of solvency margin as provided in the Regulations. To ensure consistency in the interpretation of the Regulations, the following clarifications are issued. Insurers are required to ensure compliance with these clarifications while computing the solvency margin as at 31st March, 2006 and thereafter. 1. Table I to Form KG: Statement of Solvency Margin: (General Insurers) (a) Gross Premium for the purpose of Solvency Margin shall be the aggregate of gross direct premium and reinsurance accepted premium and (b) Incurred claims: Explanation (ii) to Section 64VA of the Insurance Act, 1938 stipulates that net incurred claims means the average of the net incurred claims during the specified period of not exceeding three preceding financial years. It is now clarified that: i. the Gross Incurred Claims and Net Incurred Claims (inclusive of IBNR and IBNER) shall be taken as the average of the previous three years (excluding the financial year with reference to which the solvency of the insurer is being computed) and shall in no case be less than the amounts of Gross and Net incurred claims for the financial year ending on the reporting date and ii. The incurred claims should also include claims pertaining to reinsurance accepted. 2. Valuation of Assets: Schedule I of the Regulations Clause 2 (3) of the Regulations provides that all assets of an insurer, other than those specified at (1) and (2), have to be valued in accordance with the IRDA (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002. However, as a matter of prudence and also consistent with the requirement of section 64 V (1) (i) of the Insurance Act, 1938 which states that assets shall be valued at values not exceeding their market or realizable values, for the purpose of computation of solvency margin, debt securities shall be valued at lower of the amortized cost and the market value. It is, thus, clarified that while for the purpose of preparation of financial statements the debt securities would continue to be valued at the amortized cost, for the purpose of computation of solvency margin, these shall be valued at lower of the amortized cost and the market value. 3. Clause 2 (ii) to Schedule II-B of the regulations lays down the manner of determination of Reserve for Unexpired Risk. Some insurers have misinterpreted this provision to mean that even where the actual reserves maintained in the Accounts of the insurer are higher, it is adequate to use the percentages stated in the Regulations for assessing the solvency margin. It is clarified that it will not be prudent to consider a reserve for computation of solvency margin which is less than that created in the financial statements. Accordingly, the Reserve for Unexpired Risks taken into account for the purpose of computation of solvency margin should be the higher of (i) the actual reserve maintained in the books of accounts of the insurer and (ii) the URR arrived at based on the percentages stated in the Regulations for each class of business stated therein. 4. Deferred Tax Assets: Section 64 V (1) of the Insurance Act, 1938 and the regulations list out the assets which shall be assigned value zero. While Deferred Tax Assets have not been listed there under, as a matter of prudence, it is hereby advised that such assets shall also be assigned zero value for the purpose of computing solvency margin. All insurers are advised to ensure compliance with the clarifications issued herewith effective from the statements as at the end of financial year 2005-06. (C. S. Rao) Chairman Re: Guidelines on Anti Money Laundering programme for Insurers All the Insurers, 1. The Prevention of Money Laundering Act, 2002 (PMLA) has been brought into force with effect from 1st July 2005. Necessary Notifications Rules under the said Act have been published in the Gazette of India on 1st July 2005 by the Department of Revenue, Ministry of Finance, and Government of India. 2. As per the provisions of the Act, every banking company, financial institution (which includes Insurance company) and intermediary shall have to maintain a record of all the transactions the nature and value of which has been prescribed in the Rules notified under the PMLA. 3. The Guidelines enclosed herewith are being issued to the insurers in the context of the recommendations made by the Financial Action Task Force (FATF) on anti-money laundering standards. 4. You are advised to ensure that a proper policy framework as per the Guidelines on anti-money laundering measures is put into place by 1st July 2006. You are also advised to designate an officer as Principal Compliance Officer who would be responsible for ensuring compliance of the provisions of the PMLA. Names, designation and addresses (including e-mail addresses) of Principal Compliance Officer should be intimated to the Office of the Director-FIU, 6th Floor, Hotel Samrat, Chanakyapuri, and New Delhi 110021 India and to the Authority immediately. 5. This circular is being issued in exercise of powers conferred under Section 34 of the Insurance Act, 1938. (C. R. Muralidharan) Member Ms. ICAN Health Services Private Limited, (hereinafter referred to as the company) with Registered Office at A-92 Meera Nagar, North Main Road, Koregaon Park, Pune 411 001, was granted TPA-Health Services License No. 14 under TPA-Health Services Regulations 2001 for a period three years from 21st March 2002 to 20th March 2005. The operating office of the company is located at 101, Naina Gracias Plaza, 1st Floor, Opp. Fatima Convent, Above Kitchenette, Margo 403601, Goa. Several Complaints were received against ICAN Health Services Private Limited pointing out irregularities and deficiencies in their functioning. The Authority therefore appointed Mr K J Prabhakar to inspect the records of the company and submit report. The inspection report of Mr K J Prabhakar brought out following irregularities and violations of IRDA (Third Party Administrators - Health Services) Regulations, 2001: bull Breach of code of conduct prescribed by the said Regulations more particularly Regulation No 21(1) relating to professional conduct and Regulation No. 21(2) relating to the duties, obligations and responsibilities of the TPA and is officers, employees and representatives. bull Breach of Regulation 3(4) of the IRDA (TPA - Health Services Regulations, 2001) with regard to maintaining of working capital. bull Unauthorized alteration in the Character and ownership of the company since the grant of license in violation of Regulation 14(3). bull Causing this financial condition of the company to deteriorate to such an extent that it cannot function effectively thus providing a cause of action for revocation or cancellation of licence under Regulation 14(2). bull The company is functioning improperly and against the interests of insurers and policy holders thus providing a cause of action for revocation or cancellation of licence under Regulation 14(1). The Authority, therefore vide its letter dated 22nd August, 2005 appointed Shri. J. P.Jain as the enquiry officer to conduct an enquiry in the matter. Mr. Rashid Souza, on behalf of ICAN Health Services Private Limited, participated in the enquiry and had the opportunity of making submissions and presenting documents. The company applied for renewal of its licence expiring on 20th March, 2005. To facilitate the enquiry, the licence of the company was provisionally renewed extended up to 20th December, 2005 and the company was also directed not to enter into any fresh contract with insurance companies. As per directions of the Enquiry Officer, during the course of the enquiry proceedings, a copy of the Investigation report was made available to the company. Shri J. P. Jain Enquiry Officer, on the completion of enquiry, submitted his report dated 14th November, 2005 and holding that the following charges were fully established: 1) That Ms ICAN Health Services Pvt. Ltd has breached the code of conduct prescribed by Regulation 21(1) and 21(2) of the TPA Health Services Regulations, 2001 by not following the guidelinesdirections issued by the Authority. 2) That it breached Regulation 3(4) of the IRDA (TPA-Health Services Regulations, 2001) with regard to maintaining of working capital. 3) That character and ownership of the company has changed significantly since the grant of licence, which is violation of Regulation 14(3). 4) That the Financial condition of the Ms ICAN Health Services Pvt. Ltd. has deteriorated and that it cannot function effectively which is violation of Regulation 14(2). The enquiry officer held the following charge as partly established. 5) That Ms ICAN Health Services Pvt. Ltd. are functioning improperly and against the interest of the Insurance Company and policyholders, which is a violation of regulation 14(1). A Copy of the enquiry report was made available to the company. An opportunity was also given to the company to make submissions before Member of the Authority on 6th of January, 2006. The company did not present themselves on that date and requested for a revised date. On the revised date of 30th of January, 2006, the company did not present themselves through a representative. The inspection report, enquiry report, submissions and the documents on record have been carefully examined and Authority is satisfied that the charges as enumerated in 1 to 5 above against the company have been established to the extent they have been upheld by the enquiry officer in his report. In view of the foregoing and having regard to the nature and the gravity of the charges as established, the application for renewal of TPA Health Services License No. 14 of Ms. ICAN Health Services Private Limited is hereby declined. SD. (C. S. Rao) Chairman Re. PUBLIC NOTICE It has come to the notice of the Authority that a company by the name and style Sunlink India Insurance Company Limited is doing insurance business and collecting money from the general public for issuance of motor insurance policies from the following address:- Room No.301, Antrix Complex, 5 th Floor, Near BBC Tower. Sayajigunj, Vadodara Tel. 0265 222 62956297 Fax: 0265 222 6295 This is to inform that this Authority has not granted any license whatsoever under Section 2C (1) and 3 (1) of the Insurance Act, 1938 to the said company for carrying on the business of insurance which is a condition precedent under the provisions of the Act and the companys operations are in violation of the provisions of the Insurance Act, 1938 and IRDA Act, 1999. IRDA has already initiated further appropriate action in the matter. The general public are hereby cautioned not to purchase insurance policies from the said company or through any person claiming thereunder. The general public are hereby cautioned not to purchase insurance policies from the said company or through any person claiming thereunder. Pursuant to the advice of the Government of India based on the recommendations of the Bhandari Committee to set up an institute for surveyors and loss assessors, the Insurance Regulatory and Development Authority has got The Indian Institute of Insurance Surveyors and Loss Assessors ( IIISLA) incorporated on 4th October, 2005. Notice calling for membership to IIISLA was first given on 26th November, 2005.It was followed up by another notice on 11th January, 2006 wherein the One-time entry fee and Annual membership fee to IIISLA stood reduced. The reduction in fee was in response to appeals from a large number of surveyors and loss assessors who felt that the fee initially proposed was high. The revised fee for membership to IIISLA for all eligible surveyors and loss assessors is as follows: One-time entry fee: Rs.5000-(uniform for all members) Annual Membership fee: Fellow - Rs.2000- Associate - Rs.1500-. Following the reduction, the last date for submission of applications has been extended from 24th January, 2006 to 28th February, 2006. Only those surveyors who apply for membership before the due date i. e. 280206 shall be eligible to participate in the elections to the first Council of the Institute. The Annual membership fee being collected would be valid for the period upto 310307. Those who have paid membership fee as per notice dated 26th November, 2005 are being refunded the excess fee paid. Details about IIISLA, including the application form for membership along with instructions and the Memorandum and Articles of Association, are available on IRDA website irdaindia. org. Details may also be obtained from the office of the IRDAIIISLA at 3rd 5th floors, Parishram Bhavan, Basheerbagh, Hyderabad: 500 004. Telephone Nos of Surveyors department are: 040 55626466, 040 55626467 General Telephone Nos are: 040 55820964, 040 55789768, Fax: 040 55823334. 8th February, 2006. Message for Trainee Surveyor Examination, May 2006 Trainee Surveyors Examination 1. ALL THE APPLICANTS ENROLLED WITH INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY AS TRAINEE SURVEYORS UPTO JUNE 30TH, 2005 (TRAINING ENROLLMENT NO. 3331 TO 3740) AND HAVE SUBMITTED THEIR QUARTERLY TRAINING REPORTS WITH THE AUTHORITY ARE ADVISED TO DOWNLOAD THE APPLICATION FORM FOR INSURANCE SURVEYORS EXAMINATION AND SUBMIT THE SAME ALONGWITH THE REQUISITE FEE TO INSURANCE INSTITUTE OF INDIA, UNIVERSAL INSURANCE BUILDING, 6TH FLOOR, SIR PHEROZSHAH MEHTA ROAD, MUMBAI - 400001, TELEPHONE NOS. 022-22872923 AND 22874722, FAX NO.022-22873491. 2. CANDIDATES ARE ADVISED TO APPEAR FOR THE EXAMINATION ONLY FOR THE RESPECTIVE DEPARTMENTS FOR WHICH THEY ARE ENROLLED. SURVEYORS WHO ARE LICENCE HOLDERS NOT CATEGORIZED BUT ENROLLED WITH IRDA AS TRAINEE SURVEYORS, LICENCE HOLDERS ENROLLED FOR ADDITIONAL DEPARTMENTS, PROVISIONALLY CATEGORIZED SURVEYORS AND REPEATERS ARE ALSO ELIGIBLE TO APPEAR FOR THE EXAMINATION. 3. THE LAST DATE OF SENDING APPLICATION FORMS TO INSURANCE INSTITUTE OF INDIA, MUMBAI IS 20th MARCH, 2006. INCOMPLETE APPLICATION FORM IN ANY RESPECT WILL NOT BE ENTERTAINED. 4. THE FEE STRUCTURE IS AS FOLLOWS :- ADMISSION FEE. RS.150- SECTION - I (Compulsory Paper). RS.250- SECTION - II. RS. 250- PER SUBJECT. 5. EXAMINATION TIME TABLE IS AS UNDER. SUBJECT NO. TITLE Section-I(S-01) Motor Insurance 09.30am to 12.30pm 2.00pm to 5.00pm 09.30am to 12.30pm 2.00pm to 5.00 pm Fire Ins. Marine Cargo 09.30am to 12.30pm 02.00pm to 05.00pm LOP Marine Hull 09.30am to 12.30pm CONSULTANT AND SPECIAL OFFICER 1st February, 2006. Change of name of AMP SANMAR Life Insurance Co. Ltd. Consequent to the acquisition of the entire equity capital of AMP, Australia and Sanmar Group in AMP Sanmar Life Insurance Co. Ltd. by Reliance Capital Limited, the Authority has taken note of the change of name of the company AMP Sanmar Life Insurance Co. Ltd. to that of Reliance Life Insurance Co. Ltd. and the fresh certificate of incorporation, consequent to change of name, issued by the Registrar of Companies, Tamil Nadu dated 17.01.2006. The Authority has noted the above change in its record and permitted Reliance Life Insurance Co. Ltd. (RLICL), to carry on the business of life insurance in India subject to the condition, inter-alia, that RLICL shall honour its commitments to the policyholders of AMP Sanmar Life Insurance Co. Ltd. on the same terms and conditions subject to which they were issued and that RLICL shall take necessary steps to protect the interests of the policyholders in accordance with the provisions of IRDA Act, 1999, Insurance Act, 1938 and the Rules and Regulations made thereunder. All Life Insurers, Attention is invited to IRDA circular No. IRDALife0062005-2006 dated 27 April 2005 on the subject of Keyman insurance. It has been reported that some insurers are disregarding the spirit behind that circular and are selling Partnership insurances through endowment or unit-linked plans. Insurers should not lose sight of the basic principle that a person purchasing life insurance can only do so to the extent of his insurable interest in the life assured. An employer buying keyman insurance purportedly for his own benefit cannot prove insurable interest beyond a certain cover protecting against death of the key employee and similar is the position of a partner buying insurance on the life of another partner or the partnership firm buying insurance on the lives of its partners. Accordingly, all insurers are advised strictly to ensure that where the premium for the insurance on the life of an employee is paid by the employer or where the premium on the life of a partner is paid by another partner or by the partnership firm, the scope of cover is not wider than term assurance. It is hoped that insurers will abide by these instructions in letter and in spirit. Any products designed to circumvent this circular will be considered as a deviation from good business practice besides being considered as a violation of these instructions. Please acknowledge the receipt of this circular. (C. S. Rao) Chairman All the Insurers, At present, the in-principle approval of IRDA to insurers in respect of opening of new places of business do not prescribe a time limit for the actual opening of offices. It has been observed that some of the insurance companies take an unduly long time to open new places of business after obtaining the sanction for the same from the Authority, defeating the objective of expeditious opening of branch offices to provide better reach to the customer. It has therefore been decided that effective from 1st January 01, 2006, new places of business should be opened within a period of one year from the date of approval letter from the Authority and after the expiry of the time limit, insurers have to apply afresh. 2. Insurers are advised to review the existing position in respect of the branchesoffices where in-principle approval of IRDA has been granted but the offices have not been opened for more than one year thereafter and furnish us the full details. 3. Insurers shall also intimate to IRDA henceforth, the date of opening of the approved branch office, within 15 days of its opening. (C. R. Muralidharan) Member all General Insurance Companies General Insurance Corporation of India. The Insurance Regulatory and Development Authority (General Insurance-Reinsurance) Regulations, 2000 stipulates inter alia as under: Regulation 3(7):Insurers shall place their reinsurance business outside India with only those reinsurers who have over a period of the past five years counting from the year preceding for which the business has to be placed, enjoyed a rating of at least BBB(with Standard Poor) or equivalent rating of any other international rating agency. Placements with other reinsurers shall require the approval of the Authority. Insurers may also place reinsurances with Lloyds syndicates taking care to limit placements with individual syndicates to such shares as are commensurate with the capacity of the syndicate. The above mentioned provision requires insurers to choose appropriate reinsurers abroad for placing their reinsurances. There is no limitation on use of Indian insurers or reinsurers for placement of reinsurance since they are regulated by IRDA. It has come to the Authoritys notice that some insurers are agreeing to the insured choosing the reinsurers either directly or indirectly. The Authority reiterates that the contract of insurance is independent of the contract of reinsurance and the client is not a party to the contract of reinsurance. It is the function and responsibility of the insurance company to choose the appropriate reinsurers within the framework of the Regulations. The Authority will therefore not permit any insurer to dilute this function and responsibility by permitting the broker or the insured to specify conditions with regard to reinsurance placements or leaving the choice of the reinsurers directly or indirectly to the insured. Non-compliance of the directives contained herein shall invite appropriate action of the Authority. (C. S. Rao) Chairman The IRDA and the Indian Institute of Insurance Surveyors and Loss Assessors (the Institute) had, vide a notice dt. 26-11-2005 invited applications for membership of the Institute indicating the fee structure which was as follows: Entry fee - Rs. 10,000- for surveyors existing on cut-off date, i. e.20-11-2000 Rs. 5,000- for surveyors enrolled after cut-off date Annual subscription - Fellow Rs 3,500- Associate Rs.2,500- The IRDA and the Institute have received representations from a large section of surveyors indicating that they would find it difficult to pay the entry fee and annual subscription as notified vide notice dated 26-11-05. The matter was put before the Ad-hoc committee of surveyors and after due consideration it was decided by the Institute and the IRDA that the fee structure would be revised as follows: One-time entry fee. Rs. 5,000- (uniform for all members) Annual fee - Fellow. Rs. 2000- Associate. Rs. 1500- The due date for submission of the applications has also been extended up to 28-02-2006. The annual fee paid now would be valid for the period up to 31-03-2007. The Institute and the IRDA hereby invite all eligible surveyors and loss assessors (i. e. surveyors who are both licensed and categorized) to enroll themselves as members of the Institute by paying the prescribed fee and submitting the duly filled in application form along with the required enclosures on or before 28-02-2006. All surveyors who have already sent the application with the fees notified earlier would be refunded the excess fees. For further details, application form, instructions, etc. kindly access the website irdaindia. org. (M M SIDDIQUI) Consultant Spl. Officer The Authority had issued new Guidelines for Corporate Agents vide Circular Ref: 017IRDACircularCA Guidelines2005 dated 14th July, 2005. Clause 7 of the aforesaid Guidelines reads as under: The Chief Insurance Executive, the designated officer and other specified persons who will be employed by the applicant should be whole time employees of the applicant. Atleast one of the persons should have insurance qualification to the extent of FFII or AFII or such qualification or experience that IRDA may at its sole discretion, consider adequate. The Authority has received a number of representations from the Insurers seeking relaxation of the above guideline in respect of issuance of fresh licenses as well as renewal of existing licenses on the ground that persons with FFII AFII or equivalent qualifications are not readily available. Some of the insurers have indicated that they had instructed their CIE or SP to acquire the requisite qualification which will take some more time. The Authority, after careful examination of the difficulties expressed by the Insurers and also having regard to the need to follow the above guidelines scrupulously for the ordely development of the Industry, has decided as under: i) In so far as issuance of new licenses of Corporate Agents are concerned, there shall be no relaxation whatsoever of the Guidelines dated 14th July, 2005. (ii) However, in case of existing licenses that come up for renewal, the aforesaid Clause 7 of the Guidelines will not be enforced till 1st April, 2007 and the renewal will be provisional subject to review by 1st April, 2007. (iii) All other provisions of the Circular dated 14th July, 2005 shall be implemented in toto. (V Vedakumari) Executive Director 21st December 2005. Press release - Guidelines to insurers in respect of design of products under Unit-Linked Life Insurance Plans The Insurance Regulatory and Development Authority has issued today Guidelines to insurers in respect of design of products under Unit Linked Life Insurance Plans. The Guidelines are intended mainly to ensure that they lead to greater transparency and understanding of these products to the insured, since, the investment risk is borne by the policyholders. The Guidelines concurrently envisage extension of minimum insurance cover to be offered under the products (with exceptions in respect of the pension and the annuity products) and certain prudent practices on other features of ULIP products like partial withdrawals, top-up premiums, etc. to meet the objective of greater flexibility and long term protection to the insured. The Guidelines define the nomenclature of various charges and how they are to be levied, so that the customers are clearly aware of various charges under the product and are apprised of the unit prices on a daily basis. For more details, the IRDAs website may be consulted at irdaindia. org. (C. R. MURALIDHARAN) MEMBER This is further to our notice dated 26th November, 2005 inviting applications for membership to the Indian Institute of Insurance Surveyors and Loss Assessors. The Insurance Regulatory and Development Authority (IRDA) and the Indian Institute of Insurance Surveyors and Loss Assessors (the Institute), along with the Ad-hoc Committee of Surveyors constituted for the purpose of assisting IRDA in setting up the Institute, are organizing meetings for the benefit of all Surveyors who are eligible to become members of the Institute. The last of these meetings would be held in Hyderabad at the venue mentioned below at 14.30 Hrs. on 27th December, 2005: Surana Udyog Auditorium Federation of Andhra Pradesh Chambers of Commerce Industry 11-6-841 Red Hills Post Box No.14 Hyderabad - 500004. The meeting might be subject to change and details of modifications, if any, shall be indicated on our website (irdaindia. org). All eligible Surveyors and Loss Assessors of Andhra Pradesh region are invited to attend the meeting at the aforesaid venue. ( P. C. James ) Executive Director (NL) The existing procedure for grant of permission by RBI for opening of an office by an insurance company registered outside India has been revised in consultation with the Government of India and it has been decided that hence forth such permission would be granted by IRDA. In this context a Liaison Office would mean a place of business to act as a channel of communication between the Principal place of business or Head Office by whatever name called and entities in India but which does not undertake any commercial trading industrial activity, directly or indirectly, and maintains itself out of inward remittances received from abroad through normal banking channel. Persons desirous of opening liaison offices shall apply to the Insurance Regulatory and Development Authority in Form IRDA - FIC -1 attached as Annexure 1 . The applicant company shall be required to comply with the terms and conditions of the General Permission granted by RBI under the Foreign Exchange Management Act, 1999 and any other law in force. The permission for opening of liaison office in India by an insurance company registered outside India are subject to the terms and conditions as may be additionally stipulated by the Authority from time to time. In order to streamline, regulate and develop the profession of Surveyors Loss Assessors, the Bhandari Committee, appointed by the Ministry of Finance, Government of India, had proposed that it was necessary to promote the establishment of an institute for Surveyors and Loss Assessors. The Ministry of Finance accepted the recommendation and advised the IRDA to promote an institute on the model of the Institutes of Company Secretaries or Chartered Accountants. From three years of its establishment, the institute would be considered for conferment of a chartered status. In furtherance of the Ministrys advice, IRDA has got the Indian Institute of Insurance Surveyors and Loss Assessor incorporated on 4th October, 2005 under Section 25 of the Companies Act, 1956. The Institute has its registered office at Hyderabad. The main objects of the Institute. inter alia, are promotion of quality in the profession of surveyors and loss assessors through education and training, introduction of best practices amongst its members, conduct of professional examinations relating to the profession of surveyors and loss assessors, promotion of research and studies in loss control and minimization techniques, development and administration of code of conduct and ethics among the surveyors and loss assessors and ensuring compliance of the same. The Certificate of Incorporation and the Memorandum and Articles of Association of the Institute can be accessed at irdaindia. org. (The Institute is in the process of enrolling members and the Application form for this purpose is hosted alongside this notice. Surveyors and loss assessors holding valid licence as well as categorization issued by the IRDA are eligible to become members of the Institute. There are two classes of membership, viz Associate and Fellow and criteria therefor are mentioned in the annexure to the Application form. Membership fee: One Time entry fee - Rs.10,000- for existing surveyors on cut-off date Rs.5,000- for members enrolled thereafter. Cut-off date for this purpose would be 20112000 i. e. the date on which IRDA (Insurance Surveyors and Loss Assessors ) Regulations, 2000 came into force. Annual Membership fee: Fellow: Rs.3500- Associate: Rs.2500- The IRDA and the Institute hereby invite all eligible surveyors and loss assessors fulfilling the above criteria to enroll themselves as members of the Institute by paying the prescribed fee and submitting the duly filled in application form al ong with the required enclosures on or before the expiry of 60 days from the date of this notice. (P. C. JAMES) EXECUTIVE DIRECTOR WHEREAS Ms. Inspire Ensurance Broking Solutions Pvt. Ltd.(hereinafter referred to as broker) a Direct Insurance Broker having Insurance Broking License No. 201, Code No. DB096-03 presently having Regd. Office at Commerce House, 5th Floor, 2 A, Ganesh Chandra Avenue, Kolkatta had voluntarily approached this Authority vide their letters dated, 15th October and 13th May, 2005, to surrender the direct insurance broking license granted to them. WHEREAS the Authority had put up a Notice No. IRDADB09603 dated 20th June, 2005 on its website inviting all concerned to express their objectionsclaims, if any, with regard to the voluntary surrender of the insurance broking license by the broker within 30 days from the publication of this notice. The Authority did not receive any objections or claims against the request of surrendering the license made by the broker. NOW THEREFORE, The Authority in exercise of powers conferred under section 14(2)(a) of IRDA Act, 1999 hereby withdraws the License NO. 201 granted to the broker Code No. DB096-03. This is issued for the information of all concerned in public interest. (P. C. James) Executive Director The Law Commission submitted its Report to the Government of India, vide letter D. No. 6(3)(75)2002-LC (LS) on 1st June 2004, indicating the amendments modifications to the Insurance Act 1938. While submitting the Report to Government of India, the Law Commission opined that in respect of a few areas, a detailed examination by the experts is needed. Consequently, the Commission did not indicate any amendments or modifications to these sections of Insurance Act, 1938, which require inputs from those with domain knowledge. The Authority has. therefore, constituted a Committee with Sri K. P. Narasimhan as Chairman on 7th March 2005 to give a report to the Authority on the following:- 1. The areas in which the Commission suggested examination by insurance experts. 2. The areas in which the Commission did not recommend any modification at all, but require changes. 3. Suggestions if any, on the recommendations made by Law Commission. 4. Any new sections, which may be created to suit to the needs of the stakeholders of the insurance industry. The Committee has submitted its report. The KPN Committees Report is kept on IRDAs website at irdaindia. org. The Law Commission Report is also available on the website at lawcommissionofindia. nic. in. The Authority would be happy to receive the comments on the Report of the KPN Committee and also the Law Commission. You are requested to send your views either by e-mail: commentskpncirdaonline. org or by post to the Authority to the following address. Sri K. Subrahmanyam, Executive Director, Insurance Regulatory and Development Authority, 3 rd Floor, Parishram Bhavan, Basheer Bagh, Hyderabad - 500 004.